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Bitcoin hits $56k as 'Big Short' investor Michael Burry brands Shibu Inu 'pointless'

·2 min read
Crypto: Bitcoin hits $56k as 'Big Short' investor Michael Bury says Ina Shibu is pointless
Bitcoin is less than 15% away from the all-time highs of $63,000 seen in April. Photo: Rafael Henrique/SOPA Images/Sipa USA

Cryptocurrencies were up on Monday morning as bitcoin continued to hold above a key level of $50,000 (£36,653).

Bitcoin (BTC-USD) was up 1.5% to trade at $56,509 — less than 15% away from the all-time highs of $63,000 seen in April.

Ethereum (ETH-USD), the world’s second largest crypto by market cap, was up 0.7% to trade at $3,611.

Analysts are predicting a record rally to end 2021. "I’m still confident that if the current momentum in prices continues, we could see the bitcoin price hit new all-time highs of $100,000 this year,” said Nigel Green, CEO of deVere Group.

Over the weekend, investor Michael Burry said meme token Shiba Inu (SHIB-USD) is "pointless", criticising its supply.

The hedge fund manager and founder of private investment firm Scion Asset Management is know for forecasting the 2008 financial crisis. 

He is profiled in the book The Big Short by Michael Lewis, which was made into a movie starring Christian Bale.

NEW YORK, NY - NOVEMBER 23:  Michael Burry  attends
Michael Burry at a screening of The Big Short in 2015 in New York. Photo: Astrid Stawiarz/Getty

On Saturday, Burry shared cryptocurrency exchange platform Coinbase’s description of Shiba Inu on Twitter, which says: “Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE-USD), the popular meme coin. Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.”

In the now deleted tweet, Burry criticised the supply of the token: "Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or all of time, from the beginning of the universe, multiplied by 71,000. In other words, pointless."

Several people responded to Burry on Twitter saying that the circulating supply of Shiba Inu is no longer one quadrillion.

Burry has previously warned about investing in cryptocurrencies. In June, he predicted the “mother of all crashes”, saying that “the problem with crypto, as in most things, is the leverage”.

Read more: Bitcoin’s price is up as analysts predict ‘ludicrously strong’ Q4

Shiba Inu was up 3.7% to trade at $0.000028 on Monday morning.

The token surged last week after Tesla (TSLA) CEO Elon Musk tweeted a photo of his puppy, which is the same breed the token is named after. However, it was down almost 27% on Friday.

Watch: What is bitcoin?