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All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Disclaimer | Accessibility Statement | Commerce Policy | Made In NYC | Stock quotes by finanzen.net Insider Login to your account Signup Login Subscribe to BI Prime 'Big Short' investor Michael Burry warns the 'mother of all crashes' is coming - and predicts crypto and meme stocks will plummet Theron Mohamed Jun. 18, 2021, 06:36 AM Dr. Michael Burry "The Big Short" investor Michael Burry. Getty Images/ Astrid Stawiarz * Michael Burry predicted meme stocks and cryptocurrencies will plummet. * "The Big Short" investor warned the "mother of all crashes" is coming. * Burry pointed to excessive leverage as a major problem for crypto. * See more stories on Insider's business page. Casual investors buying meme stocks and cryptocurrencies are signing up for devastating losses, Michael Burry warned on Thursday. "All hype/speculation is doing is drawing in retail before the mother of all crashes," the investor tweeted. "When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries." Burry added that people's fear of missing out has propelled asset prices to unsustainable levels. "#FOMO Parabolas don't resolve sideways," he cautioned. The Scion Asset Management boss also sounded the alarm on crypto fans borrowing recklessly to buy their favorite coins. "The problem with #Crypto, as in most things, is the leverage," he tweeted. "If you don't know how much leverage is in crypto, you don't know anything about crypto." Burry returned to Twitter this week after deleting his profile in April. He's previously used the social-media platform to issue warnings about Tesla - which he's short - as well as GameStop, bitcoin, dogecoin, Robinhood, inflation, and the wider stock market. The Scion chief has attracted a cult following since he anticipated the housing-market crash that precipitated the global financial crisis. His billion-dollar bet against the bubble was chronicled in the book and the movie "The Big Short." Burry also helped pave the way for the GameStop short squeeze in January, which kicked off the meme-stock boom. He bought a stake in the video-game retailer in 2019 and wrote several letters to its board, emboldening retail investors to bet on the stock. Read more: DEUTSCHE BANK: Buy these 16 small- and mid-cap stocks from the bank's consistently market crushing portfolio - including 2 expected to surge over 50% Read the original article on Business Insider SEE ALSO: The father of El Salvador's Bitcoin Beach received an anonymous donation of a cryptocurrency fortune - now the local economy runs on it >> READ NOW: Boat sales are up, and owners say they're getting harder to rent and repair >> SUBSCRIBE NOW: SHARE THIS POST [https://markets.busi] FACEBOOK TWITTER EMAIL COPY LINK Start Trading >> Plus500. 76.4% of retail CFD accounts lose money Indices in This Article Dow Jones 33,290.08 -1.58% NASDAQ Comp. 14,030.38 -0.92% S&P 500 4,166.45 -1.31% NASDAQ 100 14,049.58 -0.81% NASDAQ Fut. 14,083.41 -0.57% RELATED EXCHANGE RATES BTC/USD 35,592.2500 -66.27 -0.19% BTC/EUR 29,999.3203 -58.03 -0.19% BTC/CHF 32,853.4297 -61.16 -0.19% BTC/JPY 3,922,087.0000 -7,302.00 -0.19% GBP/BTC 0.0000 0.00 0.19% EUR/BTC 0.0000 0.00 0.19% JPY/BTC 0.0000 0.00 1.99% CHF/BTC 0.0000 0.00 0.19% USD/BTC 0.0000 0.00 0.20% BTC/GBP 25,770.0000 -47.98 -0.19% Currency Exchange Rates Name Price Value % EUR/USD 1.1863 -0.0046 -0.39 EUR/GBP 0.8588 0.0000 0.00 EUR/CHF 1.0944 0.0020 0.18 EUR/JPY 130.755 0.0050 0.00 Currency Converter More Find News [ ] GO * Markets Insider see also: Insider Business Insider S&P500 Stocks: ALL 0-9 a b c d e f g h i j k l m n o p q r s t u v w x y z Dow Jones Gold Price Oil Price EURO DOLLAR CAD USD PESO USD POUND USD USD INR Bitcoin Price Currency Converter Exchange Rates Realtime Quotes Premarket Google Stock Apple Stock Facebook Stock Amazon Stock Tesla Stock * (c) 2021 Insider Inc. and finanzen.net GmbH (Imprint). 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