Taleb believes that Bitcoin has failed to meet its goal of becoming a decentralized currency and store of value.The craze surrounding cryptocurrencies can be attributed to near-zero interest rates as investors wanting risk-free investments find their opportunities limited. Hence, this was pushing people toward speculation instead of"real finance.
Initially, Taleb was somewhat favorably inclined toward crypto because he was critical of the monetary policy enacted by former Federal Reserve Chairafter the 2008 crisis. However, he now believes that digital currencies are increasingly attractive to manipulators and scammers, who have found refuge preying on unsuspecting investors fooled by promises of easy and excessive gains.
That being said, if the system one day manages to become regulated and more serious and honest, it is conceivable that digital money could be an alternative to traditional finance.
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