Author of best-selling books on managing risk in life and trade, such as “Black Swan,” “Skin in the Game,” and “Antifragile,” Nassim Nicholas Taleb, recently addressed cryptocurrency in a tweet and said that this “fad” is losing its appeal.
“The crypto fad is starting to peter out”
Taleb, a well-known cryptocurrency and Bitcoin opponent, thinks that young individuals who enjoy playing on computers in their mothers’ basements are the primary users of cryptocurrencies. And now, according to the tweet, these folks are less interested in cryptocurrency as they get engrossed in another trend, artificial intelligence (AI).
He referred to cryptocurrency as a “infatuation,” asserting that you just need to develop a new infatuation to replace an existing one. He also posted the Latin proverb “successore novo vincitur omnis amor,” which is translated literally as “all love is conquered by a new successor.”
Emmet Peppers, the founder of Good Soil Investment, ironically retorted to Taleb that cryptocurrency has been “petering out for a year+,” but he noted that Bitcoin is still trading over $30,000. If the Bitcoin spot ETFs from BlackRock, Fidelity, and other large Wall Street institutions are authorised, does Peppers think interest in BTC will go up again?
According to him, if lots of people “buy just a little bit for their portfolio” with the purpose to retain it for a while as “insurance,” Bitcoin should ultimately start increasing again.
Taleb dismisses Bitcoin as useless and dangerous
The bestselling author of “Black Swan” criticised the leading cryptocurrency Bitcoin as “a useless and a dangerous phenomenon” during the Bloomberg Invest conference that took place in early June, as previously reported by U.Today.
Bitcoin was criticised by Taleb, who said that it is neither a safe haven asset nor useful for money laundering. According to him, buying Bitcoin has become a “cult-like behaviour” that is inconsistent with the banking industry’s practicality.
Because it is so easy to trace, BTC is not suitable for money laundering, according to Taleb. According to Taleb, although gold may be destroyed to erase evidence of its illicit origins, BTC leaves a transparent trail that can be read by anybody with a working grasp of statistics and encryption.
