‘Black Swan’ Author Calls Bitcoin a Failure, at Least for Now

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

In that respect, it's a failure (at least for now). It was taken over by Covid denying sociopaths w/the sophistication of amoebas

— Nassim Nicholas Taleb (@nntaleb) February 12, 2021

Asked by a netizen, who goes by the name of Ryan Peyman Tavakol, about Bitcoin as an asset and a hedge against central bank policies, Taleb responded with a one-word comment: “Failed”.

It rose 1.5 per cent from 5 pm on Friday to touch $47,657 at noon in New York, as per a composite of prices compiled by Bloomberg. This year, so far, the cryptocurrency has gained 64 per cent.

Tavakol also aired his opinion by posting, “BTC due to its scarcity has outperformed any of the asset types you listed and is thriving in liquidity fueled macro environment. That begs the question of why one might think it has failed as a hedge against inflation (sic).”

Another Twitter user implored Taleb to elaborate on his views. “You have to say more than failed,” he wrote.

With Bitcoin’s bull run, the cryptocurrency market capitalisation has crossed the $1-trillion mark. Of that, Bitcoin makes for about 69 per cent of the total market value.