Jiří Filip Press Release: The economic world of 2026 resembles a laboratory where the limits of technology and human patience are tested in real time. As markets struggle to decide whether artificial intelligence will deliver the promised revolution or just another burst bubble, the question arises: How to read data in this chaos and not lose your head? Do accepted the invitation to the interviewminik Stroukal, chief economist of the investment group and one of the most prominent voices on the Czech economic scene. Tominik, known for his deep insight into the history of money and his passion for technological innovation, discusses in an interview why today's uncertainty is breaking historical records and how the current mania around AI is fundamentally different from the dot-com bubble of 2000.
If you had to sum up today's economic mood in one word, what would it be and why?
Uncertainty. Not that there is ever any certainty, it is not either-or, but on the scale from certainty to uncertainty, we are as far from certainty as we have ever been since the beginning of this millennium. And a lot has happened in those 25 years. We have experienced the dot-com bubble, 9/11, the financial crisis, the eurozone debt crisis, Brexit, trade wars, pandemics, wars and the rise of artificial intelligence. But there has never been a more uncertain time than today. I am not just saying this for myself, we have indices that measure it.
You mention artificial intelligence. Almost 2 billion people have already tried working with AI. Do you expect others to try AI as well? What impact would that have on the markets?
Now, the main thing is to keep discussing whether there is an AI bubble and whether the whole thing is not too similar to the dot-com bubble from the turn of the millennium. For me? It is not. I see a bit of a similarity in the mania, in the buzzwordu, in that whenever you put artificial intelligence on something these days, it sells better. I just bought a pair of headphones, these little earplugs. They play nice, but they're with artificial intelligence. They don't do anything, but it's written in bold on the box, they brag about it, and it certainly increases the price. This nonsense will blow up sooner or later, but unlike the dot-com bubble, there are companies here that deliver results. Nvidia sells, has demand, royal margins, and delivers profits. It's not like a quarter of a century ago, when it was just an idea that profits would come one day. Yes, there are notoriously loss-making projects with high valuations, and yes, there are separations, but that's still good old-fashioned market capitalism, it doesn't necessarily mean that it will trigger a recession.
What about Bitcoin? Has the bubble burst, or can Bitcoin and gold one day become equal stores of value?
Bitcoin is taking a bit of a breather from the retail mania, but it's not the first time or the last time. And its bubbles are not what they used to be. I remember all of them from 2013 and back then it was a completely different ride up and down. But it is true that purely mathematically it shows that Bitcoin is not yet the digital gold and a whole lot of people had bought it more as a technology stock somewhere next to Nvidia and Tesla. I don't like it, but I understand it. At the same time, the opposite may be true, that is, that it is already digital gold. Just not for most people, but for hardcore fans. Unfortunately, they are not the majority, but there are also many. Even if you hate Bitcoin, you have to admit that this group can give Bitcoin value. It could be more, but compared to 2013, it is significantly more. So we'll see what happens in the next 13 years. For exampleipadIt's hard to expect the same from Bitcoin after 18 years of existence as from gold after hundreds and thousands of years.
You are speaking at the XTB online trading conference this year. What topic are you contrarian on this year and where do you plan to give your colleagues on the panel a little bit of a pep talk?
There are so many wonderful people out there, why should I bother them? But to avoid the question, I can think of a few examples. The arms industry is overblown, Germany won't grow even a percent, gold is driven by artificial demand from central banks, and 100 million children a year will be born globally 30 years earlier than currently expected. I know that I probably won't bother them much, but I'm really looking forward to it!
Discussion with Dominike Stroukal are always refreshing precisely because he is not afraid to go against the grain and question established truths. If his unconventional view of the arms industry, the future of Germany or the artificial demand for gold has intrigued you, you have a unique opportunity to hear him in a much broader context. Register for free for the upcoming XTBOnline Trading Conference 2026, which will take place on Saturday March 7.
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