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

On Monday morning, cryptocurrencies rose as bitcoin held above the key level of $50,000 (PS36.653).

Bitcoin (BTC-USD) traded at $56,509, up 1.5% from April’s record high of $63,000. This is less than 15% off the record.

Ethereum ( Ethereum-USD), second largest crypto market capital, traded at $3,611 after a 0.7% increase.

Analysts predict a record-breaking rally by the end of 2021. Nigel Green, CEO, deVere Group, stated that they are still optimistic that bitcoin prices will continue to rise if current momentum continues.

Investor Michael Burry claimed that the meme token Shiba Inu SHIB-USD was ‘pointless’ over the weekend, criticising its supply.

Scion Asset Management, a hedge fund manager who also founded the private investment firm Scion Asset Management, is well-known for his prediction of 2008’s financial crisis.

He is featured in the book The Big Short by Michael Lewis. This was turned into a movie starring Christian Bale.

Burry shared the descriptionof Shiba Inu from Coinbase on Saturday. It said: “Shiba Inu (SHIB), is an Ethereum-based token that aspires be an Ethereum-based alternate to dogecoin DOGEUSD), a popular meme coin. SHIB, unlike bitcoin, is deliberately abundant with a circulating supply that exceeds one quadrillion.

Burry criticized the supply of the token in a now deleted tweet: “Just saying, one quadrillion second is approximately 32 million years. One quadrillion days equals 2.7 trillion years. This is the total time since the beginning of the universe multiplied by 71,000. This is simply meaning that it’s pointless.

Burry was retweeted by several people on Twitter, stating that there is now a quadrillion Shiba Inu in circulation.

Burry previously warned against investing in cryptocurrency. He predicted the “mother of all crashes” in June and said that the problem with crypto was the leverage.

Shiba Inu traded at $0.000028 Monday morning, up 3.7%

Last week, the token surged after Tesla ( -TSLA), CEO Elon Musk tweeted photos of his dog, the exact same breed that the token is named for. It was down nearly 27% on Friday.