Big Short Big Shot Shoots Bitcoin Bet
Michael Burry takes aim at Tesla’s Bitcoin bet…
Michael Burry, one of the main characters portrayed in the movie “The Big Short”, shoots down Tesla’s big bets on Bitcoin.
Burry had his 5 minutes of fame (maybe 2 hours and 5 minutes if you include the movie) because he famously made a huge fortune betting against the housing market in the early 2000s. He was one of a few that made the correct prediction for home prices, and therefore was spotlighted in the Adam McKay-directed comedy. Burry was played by Christian Bale.
“The Big Short” of course is Hollywood’s docu-satire of the mass delusion we now know as the housing bubble. Everyone including bankers, the banker’s bankers, appraisers, homeowners, homebuyers, realtors, the whole whole freakin’ real estate ecosystem, suffered the mass delusion that home prices would keep on going up, and thus justified poor financial decisions.
Wisdom of crowds? There is no such thing.
Keep this mass delusion effect in mind.
We will see it again. It is human nature.
Tesla’s bet…
The specific action that put ants in Burry’s pants was Tesla’s disclosure of a $1.5 billion bet on Bitcoin. This action spurred Bitcoin’s price to spike to…
