Wall Street, Steve Eisman’s veteran from The Big Short, has notoriously recognized the crackdown on the sub-prime mortgage market a decade ago but fails to see the point of cryptocurrencies.
Steve Eisman, who leads a portfolio today at Neuberger Berman, was one of several hedge fund managers to predict the housing crisis. Now, instead of capitalizing on the rising tide of digital coins, he strives to find “goal” or “value” on the market, saying in a Hong Kong convention that Bitcoin growth is fueled only by “speculation” according to the Wall Street Journal, he stated:
I do not see the purpose. What value adds cryptocurrency? Nobody has been able to answer this question for me.
He joins the chorus of investor billionaire Warren Buffett, who also opposed the crypto course market. Meanwhile, Steve Eisman has a history of agreeing with Buffett on issues such as executive compensation.
Berman, nevertheless, seems to take into account cryptocurrency regulation, saying he “does not understand” why the market is not regulated “more.” The answer is that policymakers, while willing to introduce market controls, do not want to implement laws that stifle innovation in any region.
To quote the former Fed president, Alan Greenspan, which Steve Eisman once said, was “the worst president of the Fed in history,” it is a “conundrum” that works with fever to solve.
Maybe Eisman, whose career was a focal point of Michael Lewis’s bestseller The Big Short and who was described as a hedge fund manager by Steve Carell on the big screen, looked in the wrong place for answers.
For example, he predicts the US housing crisis in anticipation of a 26 billion dollars calls on the mortgage credit market by Wachovia Corp several years before melting. He watched the signs, which led him to the famous “big short.” However, when it appears to cryptocurrencies, Steve Eisman admits he did not take the time to understand the mechanics of the market.
There is no Systemic Risk
Meantime, if you ask him where the next “big short” is, Eisman would not show cryptocurrencies and how Mark Carney sees no systemic risk in the global economy.
Moreover, unlike Jamie Dimon, a member of JPMorgan, who also has no interest in Bitcoin, Mark Carney does not support a new US recession.
If it is most concerned about is the Canadian housing market, if there is evidence of a balloon that is preparing to explode. As a result, he took short positions in more than half of related stocks.
It is not surprising that Steve Eisman does not have digital currencies.