In a recently published tweet, author of popular books on handling risks in life and trading, including "Black Swan," "Skin in the Game" and "Antifragile," Nassim Nicholas Taleb has again mentioned crypto, stating that this "fad" is becoming less interesting now.
"The crypto fad is starting to peter out"
Taleb, who is known to be a major critic of cryptocurrencies and Bitcoin in particular, believes that crypto is mostly liked by "fanciful young adults who like to play w/computers in their mother's basements." And now these people, according to the tweet, are losing interest in crypto as they are getting absorbed in another fad – artificial intelligence (AI).
He referred to crypto as an "infatuation," stating that if you want to displace one infatuation, you merely need to come up with a new one, posting the Latin saying "successore novo vincitur omnis amor," which is literary translated as "all love is conquered by a new successor."
The crypto fad is starting to peter out as many of those fanciful young adults who like to play w/computers in their mothers' basements are now getting enamored with AI.— Nassim Nicholas Taleb (@nntaleb) July 21, 2023
You need another infatuation to displace an infatuation: successore novo vincitur omnis amor.
Founder of Good Soil Investment Emmet Peppers responded to Taleb ironically that crypto has been "petering out for a year+," but, he added, Bitcoin is still trading in the $30,000 area. Peppers wonders if interest in BTC would rise again should the Bitcoin spot ETFs from BlackRock, Fidelity and other major Wall Street players be approved.
He stated that should many people "buy just a little bit for their portfolio" with the intention to hold for a long while as "insurance," Bitcoin should begin rising again eventually.
Taleb dismisses Bitcoin as useless and dangerous
As reported by U.Today earlier, the bestselling author of "Black Swan" slammed the flagship cryptocurrency Bitcoin as "a useless and a dangerous phenomenon" during the Bloomberg Invest conference that occurred in early June.
Taleb bashed Bitcoin, claiming that it is neither a safe haven asset nor is it good even for money laundering. He believes that investing in Bitcoin has turned into a "cult-like behavior" that does not match the pragmatism of the financial world.
According to Taleb, BTC is not good enough for laundering money since it is easily traceable. Gold can be melted to clear the traces of its criminal origins, Taleb believes, but BTC leaves a clear trail that can be deciphered by anyone possessing a basic knowledge of statistics and cryptography.