The Black Swan Writer Nassim Taleb Believes Bitcoin Will Fail Even If Its Price Breaks Over 100,000 US Dollars

Bitcoin. (Unsplash)

JAKARTA – In the midst of the recovery of the crypto market after experiencing a significant decline in the last few months, The Black Swan writer Nassim Nicholas Taleb expressed his negative view regarding Bitcoin.

According to him, even if the number one cryptocurrency managed to soar to the price of US$100,000 per BTC in the next phase of the bull market, Bitcoin would still fail.

Talleb explained that the largest cryptocurrency by market capitalization has failed to be a hedge against inflationary pressures. He adds, even Bitcoin acts in the opposite way.

Taleb believes that the crypto winter, the phase in which the crypto market is experiencing a downturn, is still ongoing and has the potential to drag all cryptocurrencies into an “ice age”. Hence, crypto prices will not recover for a long period of time.

The author of The Black Swan also attacked the leaders of countries that made BTC the official currency. He denounced El Salvador's president Nayib Bukele as a "bitidiot."

This week Bukele reportedly returned to buying 80 BTC of Bitcoin as the price plummeted, despite the fact that El Salvador has lost more than 50 million US dollars as the price of BTC plunged sharply.

In his Twitter post, Bukele expressed his gratitude to Bitcoin owners who had been “selling cheap” at a time when the crypto market crashed.

Dismissing accusations that El Salvador lost some of its funds from its BTC holdings, the country's Minister of Finance, Alejandro Zelaya stated that their Bitcoins represent only a small part of the country's annual budget.

Based on data from Coingecko, Bitcoin price is currently down 69.1% from its all-time high (ATH) at the level of Rp.984,115,318 which was recorded on November 10, 2021.