Monday, January 24

Nassim Taleb criticizes Bitcoin after 20% drop

Nassim Taleb, author of The Black Swan and Risking Its Own Skin, again took advantage of the Bitcoin price correction to criticize the world’s largest cryptocurrency. According to him, Bitcoin is not currency and is useless.

This posture of yours is repeating itself every time bitcoin takes a fall. Last week, Taleb also made a point of going to Twitter to talk bad about Bitcoin, even with a slight drop in the date.

Despite that, Taleb doesn’t seem to be looking at the Bitcoin price as a whole. After all, even with the fall, Bitcoin is showing an increase of 142% compared to December 2020.

got emotional

Anyone who has known Bitcoin for a long time must already be used to the volatility that makes the currency price move quickly in both directions. This is due to the fact that it is an open market for all and without interference.

The movement of these last few weeks is also very similar to the fall of May, where the BTC fell 50% in two weeks, after reaching its all-time high at the time.

Despite the excellent performance of BTC, both in the year and in the decade, Nassim Taleb appears on social networks only in moments of price correction, which, as mentioned above, are common since the beginning of negotiations.

“So it looks like
1- Bitcoin is not a protection against adversity
2- Bitcoin is not an inflation protection
3- Bitcoin is not a protection against deflation
4- Bitcoin is not currency
5- Bitcoin is nothing”

Taleb’s tweet also features a Bloomberg headline, where he himself highlights the words “risk aversion,” indicating that investing in Bitcoin is still more of a risk than a protection.

Great opportunity

If Bitcoin is still a risky asset, then it’s still a great opportunity. After all, without risk there is no return.

With a growing adoption without paid marketing, done purely by people tired of the current state monetary system, Bitcoin has, year after year, assumed an increasing role in the world economic scenario.

The coin that was previously only used by cypherpunks, is now present in the Apple CEO’s wallet, in Tesla’s cashier and on the streets of El Salvador, and can go much further.

Regarding the recent drop, we need to look at Bitcoin as a whole. Even though it failed to break its historic May high and with the recent drop, the BTC’s journey is far from a failure, quite the opposite.

BTC price, monthly, 2011 to 2021. Source: TradingView.