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Palley @stephendpalley
, 13 tweets, 1 min read Read on Twitter
Mohammed El-Erian on stage at #ConsensusInvest says technical innovation goes through well established boom/bust phases -- references steam, shale. Over-consumption and hype leads to wash out and then it comes back. We're in the wash out stage.
Junk bunks easier to understand b/c of notion of fundamental value, which is what you underwrite, but wouldn't buy either junk bonds or bitcoin now.
Sees bitcoin surviving as having future utility in larger ecosystem.
I loath the term ecosystem for some reason.
El-Erian agreed with Sorkin that crypto/bitcoin took off in large part b/c of lack of trust in legacy financial system.
Sorkin asks whether distributed trust works without centralized arbiter.
Erian doesn't really answer, says something about menus.
I wonder what their speaking fee is.
Sorkin asks El-Erian what hen would tell regulator if they approached him about regulation.
El-Erian says he would ask them why they want to regulate crypto.
I think this is partially wrong, actually. The answer is that they already do regulate the space.
I would ask what current regulations apply, which ones don't work and why.
El-Erian's initial negative view of crypto changed as he learned about the tech. Doesn't buy argument it's a global reserve currency. Once you get past that there's utility.
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