Statistics expert and author of the renowned book “Black Swan”, Nassim Nicholas Taleb, has again criticized the cryptocurrency industry, stating that bitcoin is not a safe haven even for criminals.
At a Bloomberg conference on Thursday (8), Taleb claimed that investing in Bitcoin has become something of a religious cult, a behavior that doesn’t fit into the pragmatic world of money.
Taleb is known for his scathing criticism of bitcoin, which he previously labeled as an “infectious disease” and an “obsolete product with low interest rates.”
However, his main reason for criticizing bitcoin this time is its lack of efficiency in money laundering.
“Bitcoin is not even good for bandits”
Taleb argues that bitcoin is highly traceable, as all transactions are recorded in a ledger and can be tracked by anyone with basic statistics.
In contrast, Taleb said gold offers more anonymity because it is possible to melt the bars and make them difficult to trace.
“I’ve actually been critical of bitcoin for reasons like – my main reason – well guess what, it’s not even good for money laundering”he said. “It is highly traceable – Bitcoin is a book entry somewhere that anyone with basic knowledge and statistics can triangulate”he added.
Bitcoin is a cult
Another point raised by the author is the transformation of bitcoin into a cult, an incompatible mix between money and fanatical beliefs.
Taleb points out that this association is unhealthy and raises concerns about the integrity of the financial industry when mixed with religious enthusiasm.
Furthermore, Taleb refuted the assumptions that bitcoin acts as a safe haven and is suitable for transactions.
He added that the Federal Reserve could easily replace cryptocurrencies, questioning its usefulness amid regulatory and government changes.
Te Taleb’s criticism comes at a time when the crypto industry is under intense scrutiny, especially after the collapse of FTX last year.
The exchange’s demise has sparked a widespread crackdown on the industry, with other major exchanges, including Binance, being the target of stricter prosecutions and regulations.
While Taleb continues to express concerns about bitcoin and the crypto industry as a whole, his views are just one part of the ongoing debate about the role of these digital assets in the global economy and traditional financial systems.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
