Evercore ISI Senior Managing Director Mark Mahaney joins ‘Mornings with Maria’ to discuss job cuts in the tech industry, the collapse of FTX and its impact to the crypto industry, and provides an outlook on streaming services.
Evercore ISI Senior Managing Director Mark Mahaney joined 'Mornings with Maria' on Wednesday to discuss the collapse of FTX and its impact on the crypto industry. The top-ranked market analyst labeled the collapse a "mania" and hoped that a lesson is learned.
MARK MAHANEY: I think it's just we just talked about the great financial crisis. I think one thing we should all be thankful for is that we don't have this economy doesn't have the exposure to crypto that the economy had to the housing market back in 2007, 2008, 2009, in the excesses that we saw back then. But there clearly were excesses in this crypto market, and it's very unfortunate for those investors and employees who got caught up in it.
The stock trading graph of FTX Token seen on a smartphone screen. ((Photo by Rafael Henrique / SOPA Images/Sipa USA)No Use Germany. / Reuters Photos)
And so it just seems to me like this is just another mania. And, you know, we have these in the market from time to time and this time it's crypto. So I think it's very unfortunate what happened. It also seems that there's a fair amount of malfeasance involved, too. I just hope we just move beyond this quickly, learn the lesson, but I'm sure we'll have another mania somewhere along the way. This time it was crypto.
Macro Trends Advisors’ Mitch Roschelle speaks on the latest developments in FTX’s collapse on ‘The Evening Edit.’