Benzinga

Kevin O’Leary of Shark Tank, Jason Raznick, CEO of Benzinga, talks about GameStop, Bitcoin and economic recovery

Jason Raznick, CEO of Benzinga, and Kevin O’Leary, Chairman of O’Shares ETF Investments, participated in a YouTube discussion Thursday with Connor O’Brien, CEO of O’Shares. Crypto: BTC) and other cryptocurrencies. WallStreetBets: Raznick discussed the insane trading action in GameStop Corp. (NYSE: GME) and Benzingas coverage of the surreal story behind the volatility on its live YouTube channel. Related Link: GameStop Drama Continues: Rising Stock Stopped, Cramer, Citron Weigh In “Obviously the WallStreetBetters stood behind it for a while, but the day Andrew from Citron Research left went public [his short thesis], his twitter video did not work. He came on our show live when we had 600 viewers on our show. The WallStreetBets showed up within 8 minutes. We had 13,000 to 15,000 people going crazy, ”said Raznick. Within an hour and a half of Left’s Benzinga interview on Jan. 21, GameStop stock had risen from $ 41 to $ 80. “They called me a boomer because I didn’t own the stock, and they threatened that if I didn’t buy the stock they would sign out with their thumbs down. I basically bought 100 shares live on the show because I’d never seen anything like it. “O’Leary said he doesn’t think the GameStop fiasco will ultimately have much regulatory ramifications. “The market has actually developed quite well. There have been brief bruises in the past that will occur in the future, ”said the judge of the Shark Tank. “I think the regulator could say, look, we’re going to enforce full transparency on the long and short sides. When you are little … you have to disclose. And if you are long you have to reveal it. “COVID-19 Trades: Raznick said Benzinga users are closely following COVID-19 developments. Benzinga is constantly surveying its users, and Raznick said the sentiment regarding the pandemic has recently changed. “The consensus is that people are tired of being at home and that they will go out and take action, not now but in the next few months. Perceptions have changed in the last month and a half, I would say. “O’Leary said vaccination rollout may not go as smoothly as many expect. “I think that in the next 90 days the vaccinations will reach 66% and we will hit a wall. I think the rest won’t, and as a result, we’re going to get the COVID flu, slightly more deadly flu, every year, ”he said. O’Leary said he and other professionals might never feel comfortable climbing a crowded elevator in December, which could be bad news for commercial real estate in the long run. Raznick said vacation travel stocks like Spirit Airlines Incorporated (NYSE: SAVE) are likely to rebound faster than business travel stocks like Hilton Hotels Corporation (NYSE: HLT). Government Incentives: Raznick said unprecedented government incentives have been good for gasoline gas business, but it’s also scary how many younger Americans seem to be neglecting their incentive controls. “With interest rates soaring now, it’s a little worrying that the mortgage market could be hurt. Will inflation go up? “Said Raznick. In the short term, Raznick said the state incentive has been a huge boon to stocks like Tesla Inc. (NASDAQ: TSLA) as the market expects many Americans to use their checks to make deposits on cars. O’Leary said the government must stop its paycheck protection program at this point. “There are companies that will go out of business no matter how many rounds of funding we give them, so they shouldn’t be funded,” he said. Cryptocurrency: Federal Reserve Chair Janet Yellen recently described Bitcoin as a “highly speculative asset” that consumes an “astounding” amount of energy. Raznick said the appetite of Benzinga’s audience for crypto content is staggering. “The severe FOMO that is happening in this world happened in crypto,” said Raznick. “It’s another asset base and you can diversify and be there, but you have to be careful.” He urged crypto investors to remember the sharp declines in Bitcoin prices that occurred in 2018 and at other times in the past. “People need to know that it’s not as safe as putting money into a checking or savings account,” said Raznick. O’Leary said he was very happy with the small investments he made in Bitcoin and Ethereum (Crypto: ETH) in 2017. The current crypto craze is similar to the 19th-century California gold rush, with the most savvy investors selling mining supplies instead of buying gold, he said. “I’m going to invest in the crypto infrastructure and put together a number of investments in that area and own the coin. But the point is, I want to have less volatility, but I want to capture the growth. Jason Raznick, CEO of Benzinga, left, and Kevin O’Leary, Chairman of O’Shares ETF Investments, at Benzinga’s headquarters in Detroit in 2018. Photo by Dustin Blitchok. For More Info From Benzinga Click here for information on trading options from BenzingaGameStop. Benzinga does not offer investment advice. All rights reserved.