Bitcoin News

Black Swan Author Nassim Taleb abandons his Bitcoin Holdings

Black Swan Author Nassim Taleb abandons his Bitcoin Holdings

Bitcoin has garnered prominent media attention in current days after its price rose to nearly $50,000, the institutional impact of Tesla’s recent $1.5 billion acquisition. Nassim Nicholas Taleb, who earlier worked as a risk analyst and options trader, observes Bitcoin (BTC) less than optimistically. The author of Black Swan, Nassim Nicholas Taleb announces that he has been getting rid of Bitcoin. The reason behind his abrupt change of opinion is the cryptocurrency’s upside volatility.

Bitcoin is up approximately 25% over through this blockbuster week alone. To date, it has already risen by 64%. However, Taleb believes that the world’s largest cryptocurrency is a “failure,” notwithstanding its historic gains. Taleb also stated in a separate tweet that Bitcoin has failed as a hedge against central bank policies. Various leading members of the cryptocurrency community were puzzled by Taleb’s sudden change of opinion on Bitcoin.

Prominent Crypto Proponents slam Nassim Taleb 

However, this is a complete U-turn for Taleb, who’s advocated for crypto in the past. Last year, in acknowledgment of a post about limitations on foreign currencies in his native Lebanon, Taleb tweeted, “Use Cryptocurrencies!” He’s also levied some furious tweets at Coinbase and announced his intentions to terminate his account. In 2018, Taleb recorded a short piece named “Bitcoin.” He described the asset as an excellent idea.

The partner at Greymatter Capital, James Toder, slammed the significant mathematical statistician for coming up with the dumbest reason to get rid of Bitcoin. Elizabeth Stark of Lightning Labs opined that one should consider Bitcoin as an interoperable protocol of value. Stark says that this is what a lot of people misjudge about Bitcoin. It can be a means of exchange without being a unit of account. Nevertheless, it’s competent to understand that Taleb won’t be disturbed by these replies. Notwithstanding making positive comments about Bitcoin in the past, he expressed its community members as total idiots. 

Follow BitcoinWorld for the latest updates.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.