• Nassim Nicholas Taleb has released provocative comments on social media regarding bitcoin in 2022.
• Fast forward to 2023, Taleb reveals his opinions on Bitcoin and now has a new moniker for the cryptocurrency: Detector of imbeciles.
• Taleb argues that the crypto has failed to achieve its purpose of becoming a decentralized currency and store of value, and suggests that „we need to return to a regular economic life with interest rates between 4% and 5%.“
Nassim Nicholas Taleb, the author of „The Black Swan“ and „Antifragile“, has recently released a number of provocative comments on social media concerning Bitcoin in 2022. The world’s largest cryptocurrency was compared to a contagious disease, rejected as useless and asserted to provide no protection against anything. Fast forward to 2023 and Taleb has once again revealed his opinions on Bitcoin, now dubbing it the ‚Detector of Imbeciles‘.
In a recent interview with L’Express, Taleb argued that the cryptocurrency industry and a portion of the technology will soon become extinct when the era of „low-interest rate ‚Disneyland'“ comes to an end. The 63-year-old author believes that reducing interest rates promotes „asset bubbles“ without necessarily benefiting the economy and points out that due to near-zero or often negative interest rates, we no longer understand what a long-term investment entails. In his view, Bitcoin has failed to achieve its purpose of becoming a decentralized currency and store of value and proposes that we should return to a regular economic life with interest rates between 4% and 5%.
However, Taleb’s views on Bitcoin are not shared by many. Many believe that the cryptocurrency has the potential to revolutionize the financial industry and has already made great strides in doing so. Bitcoin has become an increasingly popular asset to invest in and its price has surged as a result. This has led to the emergence of new crypto-based businesses and services, such as exchanges, wallets, and payments.
It remains to be seen whether Bitcoin will become the Detector of Imbeciles that Taleb has suggested, or whether it will go on to revolutionize the financial industry. What is clear, however, is that the cryptocurrency has already made a significant impact and its future is yet to be determined.