Black Swan Author Turns Bearish On Bitcoin

---

Nassim Nicholas Taleb is an author favoured by many in the crypto market. Scott Melker, who tweets under the moniker Wolf of All Streets, got into a fight with the man he reveres last week over the supposed dumping of Coinbase stocks by the board of that company and was even called an idiot.

Taleb, whose masterpiece Black Swan is a must read for anyone wanting to invest or trade, has in fact turned totally anti-crypto in the past few months and could even be seen on CNBC last week calling it a Ponzi scheme.

He said:

If you want a hedge against inflation, buy a piece of land, grow—I don’t know—olives on it. You’ll have olive oil if the price collapses. With Bitcoin, there’s no connection.

For someone who advised his followers only two years ago to buy crypto, that’s quite the turnaround.

The Bitcoin standard

Taleb used to be such a fan of Bitcoin that he agreed to write a foreword to The Bitcoin Standard, the book written by Saifedean Ammous that explains the need for Bitcoin as a currency.

:youtube[kPjdg6Igr2c]

At the time, he claimed that Bitcoin is an excellent idea and explained to his followers that the best known cryptocurrency was a powerful animal. The foreword itself never appeared in any version of Saifedean’s books though, as the two men fell out and started squabbling online.

Since that time, Taleb has changed his opinion on Bitcoin and crypto altogether and tells his followers that he started selling all his positions in crypto since February of this year.

I’ve been getting rid of my BTC. Why? A currency is never supposed to be more volatile than what you buy [and] sell with it. You can’t price goods in BTC.

The renowned author tweeted in February already.

WHICH WAY WESTERN MAN? pic.twitter.com/jgQmQZwWVm

— GGLS💊 (@gegelsmr) April 23, 2021

Saifedean Ammous meanwhile claims that Taleb has gotten off Bitcoin simply to spite him. The strange thing is that according to him the argument between the two authors seems to have started over the eating of meat.

He still knows absolutely nothing about bitcoin (or economics) and his views on bitcoin are purely an ignorant hysterical emotional reflection of his relationship with me.

His recent tantrums confirm this. pic.twitter.com/rf9o2jfioI

— Saifedean.com (@saifedean) April 14, 2021

As the Bitcoin Standard author explained recently:

Nassim Nicholas Tantrum has gone from endorsing my book to obsessively insulting me in public without once making any reference to my work. Why? Because I refused to join him on his insane cowardly hysterical crusade to shut down the planet with his friends at the WEF.

Alexas_Fotos / Depositphotos.com