Michael Burry, author of "The Big Short," has dubbed the Shiba Inu cryptocurrency coin "pointless," claiming that there are now too many coins in circulation.
Burry recently tweeted, according to Business Insider, that the meme-based cryptocurrency is meaningless.
He tweeted, "Just saying, one quadrillion seconds is about 32 million years." "A quadrillion days equals 2.7 trillion years, or ALL of TIME, multiplied by 71,000 from the beginning of the universe. To put it another way, it's pointless."
Burry's new statements, according to Business Insider, indicate that "he doesn't view Shiba Inu as a compelling investment because the vast amount of coins in existence limits its potential price appreciation."
According to Business Insider, Burry has been a vocal opponent of cryptocurrency for years. Bitcoin was a "speculative bubble," he argued, while Dogecoin was "a doge's breakfast," he said.
According to Yahoo Finance, the Shiba Inu cryptocurrency coin recently increased in value after a "mysterious whale" purchased "massive amounts of Shibu Inu" in recent days. The coin surpassed Litecoin and Avalanche's AVAX to become the world's 12th largest cryptocurrency.
Because of the volatile nature of the market, the Financial Conduct Authority has advised that investing in crypto coins can be risky.
"Investing in cryptoassets, or investments and lending linked to them, generally entails taking extremely high risks with investors' money," according to the FCA's statement. "Consumers should expect to lose all of their money if they invest in these types of products."