- The author of The Black Swan declared that he wishes to get rid of all his Bitcoin investments
- According to him, Bitcoin’s current functioning fails to meet significant expectations
- The decentralized aspect of Blockchain makes it different from the forms of past technologies
The author of The Black Swan, Nassim Nicholas Taleb, stated that a currency should never be more speculative than what you purchase and sell with it. The former options trader explained that one cannot put a value on goods in the form of cryptocurrency.
Nassim’s assured dissent for Bitcoin
Nassim recently announced that he plans to get rid of all his investments in Bitcoin at the earliest. So, according to him, Bitcoin comes across as a failure. The inability to use cryptocurrencies for regular transactions is a major drawback for Nassim.
Nassim further tweeted separately that Bitcoin also failed to prove itself as a hedge against central bank strategies.
As per Bloomberg’s report stating a composite of prices, Bitcoin was rising by 1.5% since 5 p.m. on 11th February 2021. It reached a value of $47,657 at noon in New York. The coin has achieved a total of 64% in terms of value this year.
Blockchain’s comparison with past technology
We require the technology of Blockchain in every financial field like banks, institutions, and public entities. The technology also participates in government projects. It is accessed in every format of our digital lives, especially in the way we do transactions on the daily basis.
The decentralized aspect of Blockchain makes it different from the forms of past technologies. It can change the data which is not centralized. However, in the case of traditional databases, everything depends on a client-server architecture and all of it is centralized.
Role of the cryptocurrency in the present ecosystem
While the world economy will shift distinctively, the currencies will start moving into electronic savings. The count of investors is rising day by day. Thus, the value of electronic assets will also start increasing.
The most significant benefit of cryptocurrency is the aspect of decentralization. This allows the free possibility of trading across borders. The technology, thus, hints at a financial revolution that will connect, strengthen and enable everyone in financial terms. There exists an entire industry developed around cryptocurrencies. The firms dedicated to managing all the digital coin exchanges hold and regulate the respective industry.
Hence, it would be interesting to observe how the crypto market reacts to the decision of Nassim despite the surging values of Bitcoin.
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