Bitcoin is a “tumour” that is “harming the economy,” according to the author of “The Black Swan”


Even while the cryptocurrency industry is expanding and Bitcoin (BTC) is acquiring new followers every day, not everyone seems to be a supporter, including ‘The Black Swan’ author Nassim Nicholas Taleb.

Indeed, Taleb criticized the contemporary economic climate on CNBC’s Squawk Box on September 15 by suggesting that it has led to the emergence of tumours such as Bitcoin and that such occurrences are detrimental to the economy.

“I believe that 15 years of Disneyland have essentially ruined our economic foundation. The Fed erred by reducing interest rates excessively. (…) You are harming the economy by producing bubbles and Bitcoin tumors.”

In addition, he criticized the “new generation” for not grasping fundamental economic ideas, concluding: Once upon a time, discount rates existed. All of these ideas are lost on the next generation.”

Notably, Taleb is a well-known critic of Bitcoin who, in February 2021, stated that he was selling all of his holdings, citing the token’s volatility as its primary drawback, despite the token’s rally at the time, which caused the price of the decentralized finance (DeFi) asset to reach $49,000, followed by even higher rallies.

As reported by Finbold, he condemned the main digital currency a few months later, arguing that it had failed as a currency and that it operated like “an open Ponzi scheme: money produced by one person gets stolen from another.”

Additional recently, in early August 2022, Taleb seemed to criticize MicroStrategy’s CEO Michael Saylor for resigning after pursuing an ambitious effort to amass more Bitcoin for the firm, referring to Saylor’s resignation as “another nail in the coffin” for the strategy.

The first cryptocurrency was trading at $20,078 at press time, down 1.14 percent on the day but up 3.89 percent over the previous week, according to CoinMarketCap statistics.

Also Read: The Most Profitable Staking Option for SHIB Is Now Available on This Crypto Exchange

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