Nassim Nicholas Taleb, The Black Swan, and Antifragile author stated that Bitcoin Is a Sucker Game.
Nassim Taleb is a well-known author of financial self-help books and personal guides. He is also seen as a guru by many, but he has gradually become a horrible personality for anyone who is a Bitcoin fan. The Bitcoin critic has again criticized the cryptocurrency, stating that it is not a protection against anything and that, in the end, it is just a game of suckers.
Taleb constantly criticizes Bitcoin at different times; even tiny bitcoin drops are enough for him to start making objections. He took advantage of Bitcoin’s fall in his most recent post comparing BTC with the general financial market, mainly criticizing Bitcoin’s narrative as a hedge against inflation.
“Hannibal ad portas. So it turns out #BTC is not a hedge against inflation, not a hedge ag. oil squeezes, not a hedge ag. Stocks. And, of course, Bitcoin is not a hedge against geopolitical events –actually the exact opposite. A perfect sucker game during low-interest rates.”
Hannibal ad portas.
So it turns out #BTC is not a hedge against inflation, not a hedge ag. oil squeezes, not a hedge ag. stocks. And, of course, Bitcoin is not a hedge against geopolitical events –actually the exact opposite.
A perfect sucker game during low interest rates.
— Nassim Nicholas Taleb (@nntaleb) February 20, 2022
The idea behind Taleb’s argument is to attack one of the biggest defenses bitcoin investors have over other digital and financial assets, i.e., Bitcoin being a store of value. In recent years, Bitcoin has gained a reputation as a store of value that inflates as the dollar deflates.
Called by many as the “digital gold,” this has been the main reason for those who intend to invest in Bitcoin in the long term: to protect themselves from a possible global financial collapse.
However, Taleb believes the story is different from what investors think, stating that the asset “proved” that it is not a good hedge against financial movements anywhere in the world in the recent crash.
Taleb vs. Bitcoin is an old fight. It is not now that Bitcoin has been one of Taleb’s primary targets; he is even a little obsessed with always cursing the digital asset; in his most recent review, he even compared Bitcoin to a disease.
“Bitcoin is like a contagious disease. It will spread, and its price will rise to saturation, that is, every sucker stupid enough to buy the story of investing. When all suckers are involved, the predominant belief will make it an ‘obvious’ investment. That’s where the ultimate bitcoin fall will begin.” Said Taleb.
Recently he also compared bitcoin technical analysis to astrology. He points out that BTC technical analyses are like guesses, just like astrology, and both are useless.
Bitcoin continues and will always have its critics, especially when it is in moments of consolidated decline. But only time will tell which side is right.