'Bitcoin worth nothing', says analyst who predicted 2008 financial crisis
By Sergio García
Date: Thursday 24 Jun 2021
(Sharecast News) - Nassim Taleb has once again charged against bitcoin. Author of 'Black Swan' and one of the men who predicted the 2008 global financial crisis, Taleb claims that the leader of the cryptos is worth nothing and there is no evidence to support the usefulness of blockchain.
'Bitcoin, currencies and bubbles' is the title of Taleb's analysis in which he defends four arguments to destroy the value of the cryptocurrency.
To begin with, Taleb claims that bitcoin is not a concept that fits the idea of a currency without regulation and, in fact, denies that it is even a currency. "This failure has been masked by the inflation of the value of the asset," he explains.
In addition, Taleb adds that bitcoin is not a store of value in the short or long term, unlike gold, a precious metal (and historical safe haven) with which crypto is often compared lately. On the other hand, this expert affirms that the currency is not a reliable hedge against inflation, another of the arguments that has recently been proclaimed by many.
Finally, Taleb concludes his analysis by pointing out that bitcoin is not a safe haven at all whether it be to protect itself against a dictatorial government or to do so against some natural catastrophe.
Translated by Caoimhe Toman
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