Nassim Taleb takes advantage of the fall to criticize Bitcoin: “It’s not for protection, it’s not a currency, it’s nothing”
The guru of financial markets, the Lebanese-American Nassim Taleb, criticized Bitcoin again on Saturday morning (04) in a post on Twitter, hours after a sharp drop of more than 15% in the early morning hours.
In the publication, Taleb took advantage of the BTC’s downfall to, in his view, discredit several positive concepts that the world’s largest digital currency has acquired over time.
“So, it looks like Bitcoin is no hedge for adversity, inflation and deflation,” Taleb said in the first three points of the five he opined on the cryptocurrency, and added last: “Bitcoin is not currency; Bitcoin is nothing”.
So looks like
1- Bitcoin is no hedge for adversity
2- Bitcoin is no hedge for inflation
3- Bitcoin is no hedge for deflation
4- Bitcoin is no currency
5- Bitcoin is nothing pic.twitter.com/yaP9ciDZYs
— Nassim Nicholas Taleb (@nntaleb) December 4, 2021
One of Taleb’s last bad reviews of Bitcoin came in April and May of this year. In February he had already hinted that he would hit the cryptocurrency forever when he wrote: “I’m getting rid of my BTC. Why? A currency should never be more volatile than what you buy and sell with it.”
That’s where phrases like “Bitcoin failed to be a coin, and became an open-ended Ponzi scheme” and “a trillion mega-ponzi” came from there.
During the early hours of Saturday, the BTC dropped to $45,000, according to Coinmarketcap data, reaching $42,000 at Binance; at brokerage Huobi, at $28 thousand. As a result of the crash, the cryptocurrency lost $50,000 support.