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.
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
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.
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