The philosopher and author of the cult work “The Black Swan,” Nassim Taleb, criticized the leading cryptocurrency and called it “an ideal game for losers” in a low-interest-rate environment.
Hannibal ad portas.
So it turns out #BTC is not a hedge against inflation, not a hedge ag. oil squeezes, not a hedge ag. stocks. And, of course, Bitcoin is not a hedge against geopolitical events —actually the exact opposite.
A perfect sucker game during low interest rates.
— Nassim Nicholas Taleb (@nntaleb) February 20, 2022
The Bitcoin critic also invoked the Latin phrase Hannibal ante portas, denoting an imminent danger and the corresponding expression “the enemy at the gates.”
“Bitcoin does not hedge against inflation, declines in oil prices and stocks. And of course, Bitcoin does not hedge against geopolitical events — in fact, the opposite is true,” Taleb wrote.
On February 21, the price of Bitcoin broke through the $38,000 level. At the time of writing, the cryptocurrency market capitalization had fallen below $1.8 trillion, according to CoinGecko.
In May 2021 Taleb compared digital gold to a Ponzi scheme. In June he criticized Bitcoin and clashed with members of the crypto community.
Earlier in February 2022, Huobi co-founder Du Jun predicted a bear market for the asset through the end of 2024.
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