“People are Turning to Artificial Intelligence from Crypto” Renowned mathematician Nassim Nicholas Taleb, the architect of the Black Swan theory and author of the best-selling book “The Black Swan,” once again targeted cryptocurrencies, stating that the allure of the crypto trend...
“People are Turning to Artificial Intelligence from Crypto”
Renowned mathematician Nassim Nicholas Taleb, the architect of the Black Swan theory and author of the best-selling book “The Black Swan,” once again targeted cryptocurrencies, stating that the allure of the crypto trend has faded.
In a tweet today, Taleb claimed that crypto has become less appealing, especially to young adults who enjoy playing with computers in their mothers’ basements. He believes that these individuals have now shifted their focus to another trend, Artificial Intelligence (AI).
Comparing crypto to a black obsession, Taleb argued that when one black obsession diminishes, it quickly gives way to another. In his tweet, he shared a Latin saying that means “All loves are conquered by a successor.”
Emmet Peppers, the founder of Good Soil Investment, responded ironically to Taleb’s tweet, stating that crypto has been “dying” for over a year, yet the largest cryptocurrency, Bitcoin (BTC), is still trading around $30,000. Peppers also speculated on whether the interest in Bitcoin would revive if major Wall Street players like BlackRock and Fidelity launched Bitcoin exchange-traded funds (ETFs). He mentioned that if many people bought small amounts of Bitcoin as an insurance for their portfolios, the cryptocurrency could eventually gain value.
He Had Previously Targeted Bitcoin
Taleb had previously criticized Bitcoin, describing it as useless and dangerous. He targeted the largest cryptocurrency during the Bloomberg Invest Conference in early June, claiming that it was neither a safe haven nor a suitable asset for money laundering. He stated that investing in Bitcoin had become a cult-like behavior that did not align with the pragmatic nature of the financial world.
Taleb argues that Bitcoin’s transparency makes it unsuitable for money laundering because anyone with basic knowledge of statistics and cryptography can decipher it. In contrast, he suggests that melting gold can eliminate traces of its criminal origins.