'Big Short' Investor Michael Burry Says He's Learning About Tokenization And How It Is Rewiring Wall Street
Michael Burry, best known for his bet against the housing market portrayed in "The Big Short,” expressed interest on Tuesday in learning about tokenization, a trend of converting physical assets into digital form on the blockchain.
Burry Is Learning About Tokenization
Burry shared a story from fintech news outlet The Paypapers on X, highlighting the growth of the tokenized asset market and its adoption by Wall Street.
“I am learning. #justkeepswimming,” Burry said, suggesting his eagerness to know more about the popular narrative.
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Are Tokenized Assets The Future Of Investing?
Burry’s post comes at a time when major financial institutions have started to recognize the potential of blockchain technology and tokenization.
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon said earlier this week that the bank is leveraging tokenization to improve services for its clients.
Notably, JPMorgan rolled out a deposit token, JPM Coin, to its institutional clients last month. The token represents dollar deposits at the world's largest bank.
Robinhood Markets Inc. (NASDAQ:HOOD) launched tokenized stocks for its European customers in June, featuring blockchain-backed shares of companies including OpenAI and SpaceX.
BlackRock, the world's largest asset manager, was one of the early adopters of the technology. It launched its tokenized U.S. Treasury product, BUIDL, built atop Ethereum (CRYPTO: ETH), last year. The fund has assets worth over $2 billion as of this writing, according to Rwa.xyz.
Interestingly, the Securities Industry and Financial Markets Association, a trade group representing the interests of financial institutions, urged the SEC to deny digital asset companies the opportunity to offer tokenized equities through specific exemptive relief and instead adopt an “open and transparent” process.
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Photo Courtesy: Pixels Hunter on Shutterstock.com
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