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A new report shows that only a few board members have knowledge of cryptocurrency
Michael Burry, an American investor who made a fortune by predicting the collapse of the US housing market, briefed a recent report by financial firm MSCI, which highlights the risks that cryptocurrencies pose to the US stock market.
MSCI has estimated that a staggering $7.1 trillion worth of equity is exposed to the fledgling industry.
This includes only public crypto companies like Coinbase as well as companies like Tesla that are investing heavily in the new asset class. Finally, there are also a handful of stocks that have little exposure to crypto.
Burry, who emerged as an ardent crypto skeptic earlier this year, takes issue with the fact that only 79 of the 6,500 board members of companies whose shares are part of the $7 trillion figure are familiar with cryptocurrencies.
MSCI says there are $7.1 trillion in market capitalization tied to stocks of companies that own cryptocurrency. But MSCI also says that only 79 of the company’s 6,500 board members have experience with crypto. This, as they say, is a feature, not a bug.
– Cassandra (@michaeljburry) October 14, 2021
He jokes that this gross lack of experience should be a feature, not a bug.
As reported by U.Today, Burry recently made a swipe at Shiba Inu, a subsidiary of Dogecoin, after a series of failed Bitcoin price predictions.
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