Houston on Nostr: So anyone care to comment on Steve Eisman's critique of Bitcoin on the most recent ...
So anyone care to comment on Steve Eisman's critique of Bitcoin on the most recent Odd Lots pod?
I have plenty of respect for Steve around how he navigated the GFC but it's pretty clear he hasn't done the 10,000 hours of homework let alone 100 hours. 🤷🏼♂️
The funniest part is when he describes the current rally in $BTC as just being a speculative rally and then later in the pod goes on to describe how there is little dispersion between stocks in different business lines because of the positive correlations created by ETF's and algos.
So rich that he doesn't seem to consider that $BTC is subject to the same effects. 😂
Anyway here's the TLDR: 📖
1 - He believes that Bitcoin should go up when people are nervous and interest rates are going up and go down when rates are going down and everyone feels good, but it does the opposite.
2 - He sees Bitcoin as just another form of speculation and doesn't understand what problem it solves.
3 - He thinks Bitcoin is too volatile to be a store of value.
4 - He points out that currency markets are the most liquid markets in the world and questions why Bitcoin is necessary.
Here's the transcript - his Bitcoin comments begin at minute 35:34.
http://webcache.googleusercontent.com/search?q=cache:https://www.bloomberg.com/news/articles/2023-02-06/transcript-steve-eisman-on-the-paradigm-shift-happening-in-the-stock-market
I have plenty of respect for Steve around how he navigated the GFC but it's pretty clear he hasn't done the 10,000 hours of homework let alone 100 hours. 🤷🏼♂️
The funniest part is when he describes the current rally in $BTC as just being a speculative rally and then later in the pod goes on to describe how there is little dispersion between stocks in different business lines because of the positive correlations created by ETF's and algos.
So rich that he doesn't seem to consider that $BTC is subject to the same effects. 😂
Anyway here's the TLDR: 📖
1 - He believes that Bitcoin should go up when people are nervous and interest rates are going up and go down when rates are going down and everyone feels good, but it does the opposite.
2 - He sees Bitcoin as just another form of speculation and doesn't understand what problem it solves.
3 - He thinks Bitcoin is too volatile to be a store of value.
4 - He points out that currency markets are the most liquid markets in the world and questions why Bitcoin is necessary.
Here's the transcript - his Bitcoin comments begin at minute 35:34.
http://webcache.googleusercontent.com/search?q=cache:https://www.bloomberg.com/news/articles/2023-02-06/transcript-steve-eisman-on-the-paradigm-shift-happening-in-the-stock-market