© Reuters The author of “The Black Swan” criticizes Bitcoin on Twitter
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Nassim Nicholas Taleb, the renowned author of “The Black Swan”, has once again expressed his skepticism about Bitcoin (CRYPTO:BTC) in a series of recent tweets. In one of them, Taleb noted that the value of Bitcoin declined when the United States faced funding risk and when inflation surged. He questioned the number of believers in Bitcoin’s hedging capabilities despite these instances of volatility.
FootNote to #bitidiots: in finance you don't invest for past performance (at the time of this tweet, there is no known financial time machine); you invest for FUTURE performance, and use TODAY'S current price, not 2014 prices as a base.
— Nassim Nicholas Taleb (@nntaleb) May 25, 2023
In a follow-up tweet, Taleb emphasized the importance of future performance over past performance in finance. He argued that investors should base their decisions on today’s current price, not prices from years past, such as 2014. This statement seems to be a criticism of those who justify their investment in Bitcoin based on its past performance, which has seen significant increases in value since its inception.
Because it is important
Taleb’s recent tweets are the latest series of criticisms he has leveled at Bitcoin and its advocates. He has previously compared “Cryptoism” to communism, labeled Bitcoin an “open Ponzi” and a “failed coin”, and referred to it as a “dork magnet” and “dummy detector”. His comments reflect his belief that Bitcoin is not a reliable hedge against economic uncertainties and that its value is more affected by these events than proponents of Bitcoin as a hedge might suggest.
These latest tweets add to Taleb’s ongoing criticism of Bitcoin, contributing to the broader debate about the role and value of cryptocurrencies in the global economy. His skepticism serves as a reminder that while cryptocurrencies offer new opportunities, they also come with risks and uncertainties. As the debate continues, investors and enthusiasts alike must weigh the potential rewards against these risks.
This content has been generated by AI and subsequently reviewed by a Benzinga editor.
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