Michael Burry has taken a dig at Tesla and said that Tesla’s huge Bitcoin Investment was because it wanted to distract China from its regulation troubles. Chinese regulators had summoned Tesla over quality issues as consumers complain about the quality. But Tesla chooses the right time to invest $1. 5 billion in Bitcoin.
Burry also brought attention to the fact that Dogecoins’s value has also increased as soon as Musk had tweeted about it. He called it a market bubble, and it predicted that it is unreliable and dangerous. Burry poked fun at Elon Musk whose investment was perfectly timed with the Chinese regulations on Tesla.
He said that Elon Musk has timed it perfectly, and that history is on his side this time. Even Dogecoin which was created as a fun cryptocurrency now has $10 billion market capitalization. Burry called it a “A doge’s breakfast maybe,”.
Burry predicted that “We are in a blow-off top in all things”. It means the market is in a steep increase now. Which is alarming because after that comes a sharp decline. That can be a worrying factor for many. There will be a rapid decline in the trading volume.
He said that the markets have bubbled over in a dangerous way. It is a tough time to play God and take chances. That’s why he has poked fun at Elon Musk and Tesla. Murry believes that the $1.5 billion investment in Bitcoin was to distract the world from Tesla’s quality issues in China. The issues are being covered up by this big news.
