The author of the famous book ‘Black Swan’, Nassim Taleb, shook the crypto market by calling bitcoin a tumor. If we trace back history, bitcoin is the only digital currency which often became a scapegoat of criticism; this new allegation is just another feather in the hat. As emerging uncertainties threaten the market, new economic theories and criticisms become commonplace.
Nassim Taleb and his take on Bitcoin
In an interview with CNBC Squawk Box, the Lebanese-American risk analyst spoke jarringly about the first-born crypto when sharing his views on uncertainty, risk and the market. On asking about the economic condition of the US and how the federal reserve is making decisions or choices, the author points out the primary reason behind economic breakdown is dependence on bubbles like bitcoin. According to him, crypto is negatively impacting the economic structure.
Nassim Taleb firmly believes rising cryptocurrency adoption rates stem from Fed’s attempt to reduce the interest rates. Coping up with inflation is encouraging people to switch to decentralized finance, which he feels is a grim issue and further gives birth to tumors like bitcoin.
This is not the first time the author attacked crypto; earlier, he claimed that bitcoin was a “Ponzi scheme” and had no market value. Further presenting opinions on the economy and market uncertainty, Nassim took a jibe at Fed. He cautioned them not to lower interest rates as it will push people to rely on wrong monetary methods.
With his hostile take on digital assets, the author urgently attempts to spread the message to switch to conventional economic life. He once took to his Twitter to complain about the exchange’s poor customer support services. Well, his criticisms are not limited to crypto, instead extended its reach even to the popular exchange platform, CoinBase.
Nassim Taleb generated a lot of hype with his bestseller non-fiction Black Swan which elucidates on events that come as a surprise but have a considerable impact on economic situations.
