Only a handful of board members have knowledge about cryptos, a new report shows
Michael Burry, the American investor who made a fortune by predicting the crash of the U.S. housing market, has taken note of a recent report published by financial firm MSCI, which highlights the risks that cryptocurrencies pose to the U.S. equities market.
MSCI has estimated that a staggering $7.1 trillion worth of stocks have exposure to the fledgling industry.
This includes public cryptocurrency-only companies of the likes of Coinbase as well firms like Tesla that are heavily invested in the new asset class. Finally, there is also a group of stocks that only have insignificant exposure to crypto.
Burry, who has emerged as an ardent crypto skeptic earlier this year, takes issue with the fact that only 79 out of the 6,500 board members of the companies whose stocks are part of the $7 trillion figure are knowledgeable about crypto.
MSCI says there is $7.1 trillion in market cap tied to stocks of companies holding crypto. But MSCI also says only 79 people of 6,500 corporate board members have crypto expertise. This is, as they say, a feature, not a bug.
— Cassandra (@michaeljburry) October 14, 2021
He jokes that this egregious lack of expertise must be a feature, not a bug.
Burry recently took a swipe at Shiba Inu, a Dogecoin offshoot, after a series of failed Bitcoin price predictions.