Bitcoin

Bitcoin Will Fail Even If It Reached $100,000, According to the Author of “Black Swan”

Promoters of Bitcoin are hoping for a long-term recovery that will support their firm beliefs. Nassim Taleb thinks that the main cryptocurrency will still be a failure even if it manages to soar over $100,000 during another bull market.

Bitcoin Will Fail Even If It Reached $100,000, According to the Author of “Black Swan”

The renowned mathematician explains why the most popular cryptocurrency has fallen short as an inflation hedge. In actuality, it has operated in a way that is opposite.

According to Taleb, the current cryptocurrency winter may turn into a full-fledged “ice age” , meaning that prices won’t rise for a while (if ever).

The author of “Black Swan” also called out “bitidiots” who continue to assert that Bitcoin is inexpensive

Bitcoin Will Fail Even If It Reached $100,000, According to the Author of “Black Swan”

Including El Salvador’s president Nayib Bukele. The self-described “coolest tyrant in the world” keeps blowing money from public dollars on gambling. Even though El Salvador, one of the poorest nations in the western hemisphere, had lost more than $50 million as a result of Bukele’s poorly timed Bitcoin transactions, he nonetheless bought another 80 Bitcoins earlier this week.

Bukele congratulated people “selling low” on the other side of the exchange in a tweet.

The largest cryptocurrency in the world is currently down 72.33 percent from its all-time high. At the time of publication, it is trading hands on the Bitstamp platform for $19,082.

Alejandro Zelaya, El Salvador’s finance minister, rejected rising worries about Bukele’s bitcoin purchases back in May by pointing out that they make up a very minor fraction of the nation’s annual budget.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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