Nassim Taleb, the well-known author of “Black Swan,” unleashed a vicious attack on the cryptocurrency market, condemning Bitcoin (BTC) as a pointless and harmful phenomena, according to Business Insider.
At the Bloomberg Invest conference, Taleb criticised Bitcoin, saying it provided no shelter and was ineffective even for money launderers. The former options trader and statistician claimed that investing in Bitcoin had turned into cult-like behaviour that went counter to the practical world of finance.
Taleb has always held a dislike for bitcoin. Cryptocurrency has historically been decried by the author, who has called it a “speculative island” and a “very fragile commodity.” He disproved the idea that Bitcoin helped with money laundering by claiming that it was inappropriate for such illegal actions due to its traceability. In his opinion, Bitcoin’s digital form created a clear paper trail that could be easily decoded by anybody with a rudimentary understanding of statistics, unlike gold, which cannot be melted down to obscure its origins.
In addition, Taleb criticised the alleged incompatibility between cult-like behaviour and money. He said that cryptocurrencies might be quickly replaced by the Federal Reserve and emphasised the false assumptions that BTC acted as a sanctuary and was acceptable for commerce.
Taleb’s criticism shatters the foundation of Bitcoin’s image by questioning its feasibility and emphasising the possible dangers connected to the industry’s expanding power. It is unclear how these concerns will affect Bitcoin’s reputation and uptake in the long run as the discussion around cryptocurrencies rages on.
