Bitcoin

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Michael Burry, the renowned investor known for anticipating the 2008 housing bubble collapse as depicted in the movie "The Big Short," <a href="https://twitter.com/burrytracker/status/1691121657526759424" rel="noopener noreferrer nofollow">is reported to have taken a significant short position</a> against two major market indices. 
According to the Michael Burry Stock Tracker account on social media, Burry has invested $890 million in puts against SPY, which tracks the S&amp;P 500, a benchmark for large-cap U.S. stocks, and $740 million in puts against QQQ, an ETF following the NASDAQ-100 Index, representing 100 of the largest non-financial companies on the <a href="https://u.today/bitcoin-bulls-hit-with-a-twist-from-nasdaq-heres-what-happened" rel="noopener noreferrer nofollow">NASDAQ</a> stock exchange. These short positions now purportedly make up an eye-catching 93% of his entire portfolio. 
The short positions caught the attention of many crypto enthusiasts who believe that Bitcoin could act as a hedge if such a crash occurs.&nbsp; 
However, the announcement has met with a wave of scrutiny from social media users well-versed in the intricacies of financial reporting. Some noted that the data may be somewhat stale, sourced from a June 30 13F report, suggesting <a href="https://u.today/i-was-wrong-to-say-sell-admits-michael-burry-as-bitcoin-btc-price-rebounds" rel="noopener noreferrer nofollow">Burry</a> might have initiated the trades even weeks earlier and possibly exited by now. 
Another user emphasized that the option holdings might be misrepresented, indicating the figures could represent the notional value of the shares underlying such contracts, not the value of the contracts themselves. 
Similarly, some pointed out potential miscalculations in the reported market value of the options, suggesting confusion between the cost of the options and the value of the underlying shares. 
In light of Burry's historical influence on the financial scene, it's natural for his moves to generate interest.&nbsp;However, it's also paramount for investors to seek comprehensive information and context.&nbsp;

Big Short 2.0: Did Bitcoin Critic Michael Burry Just Bet Big Against Market?

U_Today

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