“Black Swan” Author Regrets Not Shorting Bitcoin
In a recent tweet, “Black Swan” author Nassim Taleb says that it doesn’t feel right not being short on Bitcoin right now as the largest cryptocurrency continues to struggle.
Bitcoin is currently trading at $19,136 after declining 72.27% from its 2021 peak.
Last month, Taleb called Bitcoin “a tumor” that metastasized because of low-interest rates.
In 2020, Taleb said that Lebanese people could use cryptocurrencies in order not to deal with the shortcomings of the country’s legacy financial system.
However, the famous statistician concluded that Bitcoin ended up being a failure back in February 2021. Taleb said that he had sold his crypto after realizing that it hadn’t lived up to its potential.
The crypto proponent-turned-hater went on to call Bitcoin “an open Ponzi,” sparring with the members of its community.
Why didn’t Taleb short Bitcoin?
Back in December 2017, Taleb said that there was no way to properly short the Bitcoin bubble.
In October 2021, after souring on the largest cryptocurrency, the “Black Swan” author said that he wasn’t actually bearish on Bitcoin.
Taleb described Bitcoin as a tulip bubble disguised as a currency, which is why it was “irrational” to short it.
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