Nassim Taleb has once again indicted bitcoin. Author of ‘Black Swan’ and one of the men who predicted the 2008 global financial crisis, Taleb claims the crypto leader is worthless and there is no evidence to support the usefulness of blockchain .
“Bitcoin, Currencies, and Bubbles” is the title of Taleb’s analysis in which he defends four arguments for destroying the value of cryptocurrency.
For starters, Taleb asserts that bitcoin is not a concept that fits the idea of a currency without regulation and, in fact, denies that it is even a currency. “This failure was masked by the inflation of the value of the assets”, he explains.
Moreover, Taleb adds that bitcoin is not a short or long term store of value, unlike gold, a precious metal (and historic safe haven) with which crypto is often compared in recent times. On the other hand, this expert asserts that the currency is not a reliable hedge against inflation, another of the arguments which has been recently proclaimed by many.
Finally, Taleb concludes his analysis by pointing out that bitcoin is not at all a safe haven, whether to protect against a dictatorial government or to do so against a natural disaster.
Translated by Caoimhe Toman