Renowned investor Steve Eisman draws the line on bitcoin, saying he won’t invest in something he doesn’t understand.
Eisman, best known for predicting the 2008 financial crisis as outlined in Michael Lewis’s book The Great ShortInspired by the character Steve Carrell in the subsequent film adaptation, Bloomberg Television Friday said it was keeping away from the highly volatile cryptocurrency as its value continued to go wild.
“Steve Eisman does nothing with ‘Big Bitcoin,'” he said Bloomberg surveillance. “I’m staying out of it. I don’t understand it. ”
Bitcoin was hovering at around US $ 32,000 on Friday, after seeing its value slide around 12 percent over the past week. The cryptocurrency had soared to a record US $ 42,000 earlier this month.
The disadvantage is fueled in part by fears that US President Joe Biden may step in to regulate the cryptocurrency space. Eisman said, however, that he has yet to see any indication that the newly minted president of the United States will move to that effect.
“Is it possible to be regulated to a lower price? It’s certainly possible, but I haven’t seen anything that would make me think that, ”he said. “I think the best part of pride here is just staying away.”
Eisman said people who invest in the cryptocurrency are only guessing.
“My personal view is that they buy or sell something that is impossible to appreciate,” he said. “It’s one thing to talk about what the US dollar-yen valuation is; when you talk about bitcoin, I think it’s more like talking about how many angels are dancing on top of a pin. I don’t know how to answer the question. ”