Bitcoin Would Fail Despite Rising to $100,000 as per Black Swan Author

  • Taleb predicts that the current cryptocurrency “winter” will turn into an “ice age.”
  • He has also aimed at bitcoin advocates like El Salvador President Nayib Bukele.

Due to the United States financial markets being closed on July 4th, Bitcoin (BTC) is still in holiday mode as the new week begins. Macroeconomic pressure continues to put pressure on the biggest cryptocurrency, which is stuck around $20,000, while lower-level chatter persists. This week’s trading has been rather calm, and investors have found themselves unable to break out of a restricted trading range.

Bitcoin supporters are banking on a rebound that will prove their belief in the currency’s long-term viability. Nassim Taleb, however, believes that even if the leading cryptocurrency can soar over $100,000 during another bull market, it would be a failure.

The renowned mathematician argues why the most popular cryptocurrency has failed as an inflation hedge. In reality, it’s had the opposite effect. Taleb predicts that the current cryptocurrency “winter” will turn into an “ice age,” and that prices will remain low for a long time before they reach their previous levels.

Trouble Continues For Investors

He has also aimed at bitcoin advocates like El Salvador President Nayib Bukele, who still believe that Bitcoin is inexpensive, in a recent tweet by the author of “Black Swan.” The President continues to spend resources on wagering. El Salvador, the poorest country in the Western Hemisphere, lost more than $50 million due to Bukele’s ill-timed Bitcoin purchases earlier this week.

Thank you for “selling cheap,” Bukele said in a Twitter message. The biggest cryptocurrency in the world is presently down 72.33 percent from its all-time high price level. At the time of this writing, it’s trading for $19,482 per CMC. At the time, Alejandro Zelaya, El Salvador’s Finance Minister, brushed off worries about Bukele’s bitcoin purchases by pointing out that they constitute just a tiny percentage of the country’s yearly budget.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.