Lebanese-American essayist and statistician Nassim Nicholas Taleb has lambasted Bitcoin as a "technological tulip," refusing to back away from his long-standing criticism of the leading cryptocurrency.
Nassim Nicholas Taleb, the Lebanese-American essayist, statistician, and professor, has slammed Bitcoin as a “technological tulip” and refused to back down from his criticism of the leading cryptocurrency.
The famed statistician argued that Bitcoin had failed to act as a cryptocurrency without government backing, adding that the price of the flagship coin could not be used as a hedge against systemic risk due to its extreme volatility. Taleb also stated that the flagship coin had no transactional use and that it was being used as a speculative asset.
However, Taleb’s post elicited mixed reactions from members of the crypto community. While some agreed with the statistician’s assessment of Bitcoin, others defended the leading cryptocurrency and pointed out that it was still relatively new and had a long way to go before it could achieve widespread adoption.
Taleb, who is best known as the author of “The Black Swan,” published a scathing anti-Bitcoin paper, which riled up many supporters of the nascent asset.
Many prominent Bitcoin critics either become haters early and stick by their animosity (Peter Schiff) or gradually warm up to the cryptocurrency (Larry Fink and others).
However, Taleb’s trajectory is different since he is a former Bitcoin advocate, who described BTC as “the first organic currency” in the past. In 2021, however, he had a falling-out with the Bitcoin community and soured on the leading cryptocurrency. Some speculate that Taleb’s U-turn was caused by a personal feud with Saifedean Ammous, the author of the book “The Bitcoin Standard.” Notably, Taleb claimed that Bitcoin was “an insurance” policy against government overreach in the foreword for the aforementioned book.
Over the past years, Taleb has been consistently hostile toward Bitcoin. In 2023, he slammed the top cryptocurrency as a “detector of imbeciles.”
Despite the fact that Bitcoin has had an extremely successful year, Taleb continues to view BTC as a failed currency.
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