Black Swan Author Gets Rid Of His BTC And Here’s Why

The well known Black Swan Author Nassim Nicholas Taleb chose to get rid of his BTC stash while the price of the cryptocurrency is nearing $50K so let’s read more about it in the latest BTC news today.

The BTC price is trading near the $50K range and the uptrend seems to be getting underway. Nassim Nicholas Taleb caused a stir between the crypto community today when he revealed that he is getting rid of his BTC coins entirely. According to Wikipedia, Taleb is a “Lebanese-American essayist, mathematical statistician, scholar, former options trader and risk analysts whose work concerns problems of randomness, uncertainty, and probability.”

The reasoning for why the black swan author dumped his coins doesn’t stack up. So why is a cryptocurrency considered an insurance policy against the uncertainty that triggered the risk analyst to suddenly ditch BTC and why do it now when the cryptocurrency hit nearly $50K? He decided that he will sell the BTC stash because he can’t buy goods and services with it because according to him, a “currency is never supposed to be more volatile” than what can be bought with it so he believes that BTC has failed.

Taleb made some weird choice of words for the crypto community in the past as he called Bitcoiners “total idiots” and he doubled down claiming that the cryptocurrency was taken over by the “Covid Denying sociopaths with the sophistication of amoebas.” Taleb most certainly has the credentials but he fails to see how sophisticated BTC’s design is. Cory Klippsten who is the CEO of Swan Bitcoin who named his company according to Taleb’s book attempted to clear the air where BTC adoption is now headed.

Klippsten outlined that the natural progression of adoption will start at a store of value that moves into a medium of exchanges and will later become a unit of account. With the cryptocurrency staying mid-way into the store of value phase, the value has plenty of room to climb. As adoption takes place and the medium is exchanged more, the volatility is what causes Taleb’s risk meter to skyrocket of the charts. At that stage, BTC can become a stable unit of account.