Tue, May 07, 2024 at 18:27

Kang-hoon
- Hello Annie, today we have some interesting news from Steve Eisman of Neuberger Berman, who famously predicted and profited from the subprime mortgage collapse of 2008.
Annie
- Oh, I've heard about him!
- What's he saying now?😊
Kang-hoon
- In a recent interview on Bloomberg Television, Eisman identified three major themes driving today's narrative: artificial intelligence (AI), infrastructure, and crypto.
Annie
- Interesting!
- But what does he think about these themes?🤔
ADward
- Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅
Kang-hoon
- While he understands and supports the first two themes, AI and infrastructure, he expressed skepticism about crypto.
Annie
- Really?
- But isn't crypto considered a good investment these days?🧐
Kang-hoon
- Indeed, many people believe so.
- However, Eisman pointed out a contradiction in the thesis of digital assets being a hedge against inflation and fiat currencies.
Annie
- A contradiction?
- Could you explain more?😮
Kang-hoon
- Yes.
- According to Eisman, if crypto is truly a hedge against inflation, then it should increase in value on days when there are inflation concerns and decrease when there aren't.
- However, he observed that crypto behaves in the exact opposite manner.
Annie
- Hmm...that's a bit confusing.
- So, does he think investing in crypto is a bad idea?😕
Kang-hoon
- Eisman seems to believe so.
- He described crypto as 'just another way for people to speculate on speculating.'
Annie
- Oh, I see...So, is this news good or bad for the market?🤔
Kang-hoon
- In the short term, it could be perceived as negative news for the crypto market.
- Eisman's words carry weight due to his past successes, and his skepticism could influence other investors' perceptions of crypto.
- Upon comprehensive consideration, this news is perceived as a 😱Bearish.