Main navigation

'Black Swan' Author Destroys Bitcoin (BTC): 'Cult-Like, Useless, and Dangerous'

Fri, 06/09/2023 - 11:07
article image
Gamza Khanzadaev
Best-selling author Nassim Taleb exposes Bitcoin as a cult and questions its usefulness to bad guys
'Black Swan' Author Destroys Bitcoin (BTC): 'Cult-Like, Useless, and Dangerous'
Cover image via
Read U.TODAY on
Google News

In a scathing critique of the crypto industry, Nassim Taleb, the renowned author of "Black Swan," launched a blistering attack on Bitcoin (BTC), dismissing it as a useless and dangerous phenomenon, reports Business Insider.

Speaking at the Bloomberg Invest conference, Taleb denounced Bitcoin, asserting that it offered no haven and failed to serve even the purpose of money launderers. According to the former options trader and statistics expert, Bitcoin investing had transformed into cult-like behavior that clashed with the pragmatic world of finance.

‘Black Swan’ Author Names Crypto Market's Main Weak Point

Taleb's disdain for BTC is not new. The writer has consistently condemned cryptocurrency, previously labeling it a "speculative island" and a "very fragile commodity." He debunked the notion that Bitcoin facilitated money laundering, arguing that its traceability made it unsuitable for such illicit activities. In his view, unlike gold that can be melted down to conceal its origins, Bitcoin's digital nature left a clear paper trail that could be easily deciphered by anyone with basic statistical knowledge.

Furthermore, Taleb criticized the intertwining of money and cult-like behavior, a combination he deemed incompatible. He highlighted the fallacious assumptions that BTC served as a refuge and was suitable for transactions, contending that cryptocurrencies could swiftly be supplanted by the Federal Reserve.

'Black Swan' Author Admits His Major Bitcoin Mistake

Taleb's critique strikes at the core of Bitcoin's reputation, casting doubt on its viability and highlighting the potential risks associated with the growing influence of the crypto industry. As the debate surrounding cryptocurrencies continues, it remains to be seen how these criticisms will impact the perception and adoption of Bitcoin in the long run.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.