Steve Eisman, the investor whose
forecast of the financial crisis was depicted in "The Big Short,"
told CNBC on Thursday he has doubts about "the social utility of
cryptocurrency."
The Neuberger Berman portfolio
manager also confirmed his fund is short Deutsche Bank.
"Deutsche Bank has a very
simple problem. It doesn't make money. That's a pretty shocking statement at
this point 10 years after the crisis," he said in a "Squawk Box"
interview. "It's a bit late in the game to try to solve the problem. … I
think Deutsche has to shrink. I think Deutsche five years from now will be a
significantly smaller company."
Regarding cryptocurrencies, he
said current government-backed currency markets already serve the public
efficiently.
"I have my doubts about it.
My doubts center around the fact what's the social utility of
cryptocurrency?" he said. "It's good for speculation and good for
money laundering. ... I have no idea how to value [bitcoin] and I don't think
anyone else does either."
Eisman is known for being one of
the few investors to profitably bet against subprime mortgage securities during
the financial crisis. He was a key character in Michael Lewis' best-selling
book "The Big Short" and was depicted by actor Steve Carell in the
movie based on the book.
Deutsche Bank declined to comment
for this story.