Bitcoin is worthless, says ‘Black Swan’ author Nassim Taleb

Taleb takes swipe at cryptocurrency.

· 1 min read
Bitcoin
Bitcoin

They see Bitcoin (BTC) (BTCUSD) fall, and they bash it, they see it rise, and they praise it.

Just the other day, Michael ‘Big Short’ Burry ruffled some feathers by saying that cryptocurrencies and meme stocks will fall and trigger market losses ‘the size of countries’.

And now we have another one of those men who predicted the 2008 market crash, Nassim Taleb, claiming that Bitcoin is worthless and that there is no evidence to support the usefulness of blockchain.

Taleb has written a paper titled, ‘Bitcoin, currencies and bubbles‘, where he claims that Bitcoin is not a concept that fits the idea of a currency without regulation and denies that it is even a currency.

“This failure has been masked by the inflation of the value of the asset.”

Taleb goes on to say that bitcoin, unlike gold, is not a reliable hedge against inflation, it has no store of value and that it can not be considered a safe haven like many claim it to be.

This is the same man that once believed bitcoin was a promising new currency.

You can find the paper here. Have a read, have a moan or let him know your thoughts.