Nassim Nicholas Taleb, a well-known author, started a discussion on Twitter by challenging the validity of Bitcoin as an antifragile asset. Taleb, best-selling author of “The Black Swan,” tweeted his opinions on cryptocurrencies while quoting an article stating that the decline in BTC’s price was caused by “UNCERTAINTY.”
The tweet prompted various responses from the online community, some defending the idea of Bitcoin and others critical. One user observed that a topic does not become illogical just because journalists and speculators misunderstand it.
Taleb, however, remained unconvinced by the reasoning and labeled the user an “idiot” before repeating that Bitcoin was offered as a sort of insurance. Someone mentioned Bill Maher’s podcast, where he opposed Bitcoin and advocated for the value of gold.
Mark Cuban, a millionaire businessman, hoped BTC’s price would decrease even further so he could buy more of it. Cuban noted that, unlike Bitcoin, gold was merely a store of value and not a means of protection.
However, another user chimed in on the discussion, claiming that uncertainty is a fact of life and the economy, with bitcoin prices falling due to the risk assessed as their zero inherent value. Also, they compared the decline in Bitcoin’s price to that of a 5%-likelihood two-year Treasury bond.
Nonetheless, the continuous debate exposes the divergent views on Bitcoin and its potential as an asset for investors. It is still unclear how the market will react as Taleb continues to challenge the credibility of cryptocurrency.
Bitcoin Price Trends: Historical Analysis
BTC witnessed a substantial 8% decline yesterday, falling to a low of $19,628.25, just shy of a two-month low. BTC is trading at $20,147.92, up about 1.44% over the previous 24 hours, indicating a slight recovery.
Regrettably, the recent decline in the cryptocurrency market has led to approximately $307 million in trader liquidations within the past day, as reported by CoinGlass data.
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Binance traders lost $104M, OKX lost $79M, and Huobi lost $45M in the most significant losses among cryptocurrency traders. The Bitcoin (BTC) traders experienced the most significant losses, totaling $112 million.
The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing