eToro Group ($ETOR) podcast mentions
Another potential disruptor. My problem with Bitcoin is that no one has articulated, at least to my satisfaction, an investment thesis as to why anyone should own the asset class. The most frequently cited thesis is that fiat currency, which is government currency, has been debased. True. And everyone should invest in Bitcoin as a hedge against that debasement. Maybe. Nice theory. The problem with it is that Bitcoin acts inversely to that thesis. If the thesis was correct, then on days where inflation is soaring and Nasdaq is collapsing, Bitcoin should be up and vice versa. Instead, Bitcoin's correlation to Nasdaq has been very high, high until recently when it has just been underperforming. I fail to see the point of owning Bitcoin. The fact that it generally tracks the Nasdaq is the clearest indicator that there really is no thesis. It's not a disruptor yet. Maybe one day. Year to date, Bitcoin is down 27%. Over the past 12 months, it has declined 46%. Also, I think something else is going on here. Bitcoin used to be cool. Young people traded it as their primary asset class. Over the last year or so, however, prediction markets have taken off. I can't prove it, but I think young investors have moved to prediction markets. Bitcoin is no longer the cool toy. Kalshi is. Just ask DraftKings, which is facing the same fate as Blockbuster. Being early is no guarantee of survival. Adapting is. As another example, eToro Group reported this week. eToro is a global social investment and multi-asset brokerage platform that lets users trade and invest in stocks, ETFs, and cryptocurrencies. But its biggest asset class is the trading of crypto. EPS was okay, but revenue was down 30% because of the decline in the trading of crypto assets, and the stock was down 14% on the day that it reported, which was on Tuesday, and is down 19% for the year and 47% over the past 12 months. Like I said, not so cool. I discussed Bitcoin on our recent podcast on August 10th with Glenn Shore and Ken Worthington. This topic came up and Ken pointed out that Bitcoin at best is a store of value. Other digital currencies, he argued, have many more potential use cases. It's an interesting point, but count me a skeptic.
Steve Eisman — The Real Eisman Playbook · AI’s Achilles’ Heel: Why Everything Hinges on Anthropic & OpenAI | The Weekly Wrap · 2026-08-14