• Michael Burry, hedge fund manager of “The Big Short” fame, recently hinted at a potential bottom in the markets due to US regulators intervening to protect deposits of customers at Silicon Valley Bank.
• Bitcoin’s surprise breach of the $26,000 level caused the crypto sector to move in an opposite direction of the US financial sector.
• Burry has compared Silicon Valley Bank to Enron and warned of a need for more transparency in the banking sector.
Michael Burry Hints at Possible Market Bottom
Michael Burry, a hedge fund manager famously known as „The Big Short,“ is hinting that the markets might bottom out due to US regulators intervening to protect deposits of customers at Silicon Valley Bank (SVB). This action is similar to how J.P. Morgan intervened in the Knickerbocker Crisis in 1907. Despite ongoing SVB and Silvergate scandals, Burry believes market conditions could be favorable for a rally soon.
Cryptocurrency Moves Opposite Financial Sector
Bitcoin’s surprise Tuesday breach of the $26,000 level caused the cryptocurrency market to move in an opposite direction from that of the US financial sector. This gives BTC potential to break through the $30k mark soon.
Burry Warns Of Need For Transparency
Michael Burry is known for his bearish predictions on markets and economies, which was demonstrated by his bets against the US housing market pre-2008 financial crisis. The investor has also compared Silicon Valley Bank to Enron and warned about a need for more transparency in banking sectors after their collapse due to accounting frauds and other issues.
Burry Makes Stand On Markets
Burty took to Twitter with a message about making a stand on markets similar that made by J.P Morgan during Knickerbocker Crisis 1907 which helped resolve panic and cause market bottoms: “In October 1907, Knickerbocker Trust failed due to risky bets, sparking a panic…When a run began on a healthy Trust, J.P Morgan made a stand…A stand was made this past weekend.“
„My Hope Is That Human Race Will Reverse Direction“
In March 12 tweet now deleted wrote about human race reversing direction away from shortcuts always and everywhere: „My hope is that human race will reverse direction away from impatient lazy shortcuts always and everywhere.“