Nassim Nicholas Taleb: “Bitcoin is a fool’s game”

Nassim Nicholas Taleb on Bitcoin

The renowned mathematician slammed BTC once more, accusing it of being a poor store of wealth. The author of the best-selling book “The Black Swan: The Power of the Unpredictable,” Nassim Nicholas Taleb, is suspicious of Bitcoin.

On Twitter on Sunday, the author took another swipe at the first cryptocurrency, claiming it is not a safe haven for investors.

This, he believes, is “the ultimate fool’s game in a low-interest environment”:

“Hannibal ad portas.
So it turns out #BTC is not a hedge against inflation, not a hedge ag. oil squeezes, not a hedge ag. stocks.  And, of course, Bitcoin is not a hedge against geopolitical events –actually the exact opposite.
A perfect sucker game during low interest rates.”

Taleb is tweeting about bitcoin. Source: Twitter

Nassim Nicholas Taleb was formerly a Bitcoin enthusiast. He had praised it as “money without government, something important and imperative,” among other things.

However, in February 2021, the author reversed his position and declared the digital asset a failure. The prominent statistician said on the 12th that he had begun selling his Bitcoins. He had attacked BTC’s volatility, as well as its lack of utility as a means of payment.

Bitcoin, “a magnet for fools”

Last June, he published an essay entitled “Bitcoin, Currencies and Bubbles” in which he proposed “to apply quantitative finance methods and economic arguments to cryptocurrencies in general, and to Bitcoin in particular”. The mathematician explains why the digital asset would, in his opinion, be a failure, both as a currency and as a hedge against inflation.

In July, Nassim Nicholas Taleb tweeted that the first cryptocurrency was “a fool magnet.”

In December, he said that Bitcoin was the “sluggish” and “obsolete” product of low-interest rates, and would crash due to rising inflation. Last month, he compared Satoshi Nakamoto’s assets to “a contagious disease”.
“Let me repeat it to those unable to get it. I am not “bearish” on #BTC. It is a tulip bubble (without the aesthetics & disguised as a “currency”), hence it is as irrational to buy it as it is to SHORT it, perhaps even more. Gabish?”

Taleb tweeting about bitcoin. Source:Pexels

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