Black Swan Author and Jordan Peterson Clash Over Bitcoin
Nassim Nicholas Taleb – a Lebanese-American economist known as the author of the book “The Black Swan” – started an argument on Twitter with Canadian psychology professor – Jordan Peterson – about bitcoin’s possible ability to ease money problems.
The former is an ardent critic of the primary cryptocurrency, while the latter believes it can provide benefits in times when the economy is moving towards digitization.
Taleb’s warning on Peterson’s advice
As reported by the Daily Mail, one of Australia’s leading banks – ANZ – plans to stop cash withdrawals from some of its branches. In addition, it intends to cut back on its ATMs across the country, significantly reducing the amount of paper money it can provide to customers.
Critics have warned that the policy could affect elderly customers and the disabled who mainly rely on physical cash.
The renowned psychologist – Jordan Peterson – mean people can focus on bitcoin as an alternative to ANZ’s changes. The leading digital resource has increased its popularity in the Land Down Under in recent years. An Independent Reserve survey conducted in late 2022 Assumed that over 90% of the local population is aware of its existence, while one in four individuals is a crypto-HODLer.
Nassim Taleb disagreed with Peterson and warned inexperienced investors not to follow his guidance. He went further and claimed that the Canadian belongs to the “bitcoin cartel”.
Nassim Taleb: From a crypto supporter to a fierce critic
The author of The Black Swan was an advocate of cryptocurrencies in the past, states in 2019 that he prefers to stay away from cash, stocks and bonds and instead invest in bitcoin and gold.
His positive attitude seems to have changed after problems with Coinbase in 2020. At the time close his account on the platform, claiming that it was not cooperating to resolve certain technical issues.
Taleb launched a bashing manifesto against bitcoin in the summer of 2021, which said it should not be classified as money, a store of value or a digital representation of gold. He also disputed the theory that BTC is a product of libertarian design:
“The belief that bitcoin is an offshoot of libertarian and Austrian economics does not have a shadow of support…Libertarianism is fundamentally about the rule of law rather than the rule of regulation. It is not about the rule of rules—mechanistic, automated rules with irreversible outcomes…Libertarianism is also not about about total distrust.”
The economist then argued that it is wrong to view bitcoin as a safe haven since it reacts to liquidity “exactly like other bubble elements.”
