- Michael Burry is predicting a 2008-level economic crisis.
- ETH is down almost 9% over the last day and is 4.67% in the red over the past week.
- Burry believes the current inflation crisis is one of the biggest indicators of an imminent crisis.
Expert investor Michael Burry is predicting a 2008-level economic crisis, prompted by the most recent crypto crash. Bitcoin closed on its lowest daily close since December 2020 and the total crypto market cap is down over 5% to now stand at around $940.25 billion.
It is not so far-fetched to take into consideration Burry’s predictions considering he was one of the very few experts who predicted the 2008 housing and subprime mortgage crisis.
It is also important to realize that Burry has a basis for his prediction considering the current state of the crypto market. The king of crypto, Bitcoin, is currently down more than 5% over the last day and the Ethereum (ETH) prices are showing extremely bearish tendencies.
According to the crypto market tracking website CoinMarketCap, ETH is down almost 9% over the last day and is 4.67% in the red over the past week. This comes despite the fact that the Merge is mere days away and is expected to be a success.
In addition to this, other well-known altcoins like Dogecoin, Solana, Polygon, Polkadot, and Ethereum Classic have all fallen between 6% and 17% over the last 24 hours.
Despite things looking very red in the crypto markets, it is not the only factor that Burry is basing his prediction on. According to the expert, the crash in the Special Purpose Acquisition Company (SPAC) and the crash in meme stocks are also part of the reason for his prediction.
In addition to this, Burry believes the current inflation crisis is one of the biggest indicators of an imminent crisis.
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