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Black Swan author and Jordan Peterson argue 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 over Bitcoin's potential ability to solve monetary problems. The former is a harsh critic of the primary cryptocurrency, while the latter believes it could offer benefits at a time when the economy is marching towards digitalization. Taleb's warning on Peterson's advice As Daily Mail reports, one of Australia's leading banks - ANZ - plans to stop cash withdrawals at some of its branches. In addition, it intends to expand its ATMs across the country…
Black Swan author and Jordan Peterson argue 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 over Bitcoin's potential ability to solve monetary problems.
The former is a harsh critic of the primary cryptocurrency, while the latter believes it could offer benefits at a time when the economy is marching towards digitalization.
Taleb's warning on Peterson's advice
As Daily Mail reports, one of Australia's leading banks - ANZ - plans to stop cash withdrawals at some of its branches. In addition, it intends to reduce its ATMs across the country, significantly reducing the amount of paper money it could provide to its customers.
Critics have pointed out that the policy could affect older customers and people with disabilities who predominantly rely on physical cash.
Renowned Psychologist – Jordan Peterson – believes People could focus on Bitcoin as an alternative to the ANZ changes. The leading digital asset has grown in popularity in the land down under in recent years. An independent reserve survey conducted in late 2022appreciatedthat over 90% of locals are aware of its existence, while one in four people is a crypto HODLer.
Nassim Taleb contradicted Peterson and warned inexperienced investors not to follow his instructions. He went further and claimed that the Canadian was part of the “Bitcoin Cartel.”
I didn't feel compelled to jump in and explain that Peterson talking about finance is slightly less sophisticated than a committee of Canadian anti-vaxx truckers lecturing on quantum field theory.
But I must warn the young victims that Peterson belongs to the Bitcoin cartel. https://t.co/gvB8FR5a4o
– Nassim Nicholas Taleb (@nntaleb) March 30, 2023
Nassim Taleb: From crypto supporter to harsh critic
The author of The Black Swan has been a supporter of cryptocurrencies in the past,indicate2019 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 his problems with Coinbase in 2020. Back then, heclosedhis account on the platform and claimed that it had failed to help resolve certain technical issues.
Talebstarteda bashing manifesto against Bitcoin in the summer of 2021, saying it should not be classified as money, a store of value, or a digital representation of gold. He also opposed the theory that BTC is a product of libertarian design:
"The belief that Bitcoin is an offshoot of libertarian and Austrian economics has not a shred of support... Libertarianism is fundamentally about the rule of law rather than the rule of regulation. It is not about the rule of rule - mechanistic, automated rules with irreversible results... Nor is libertarianism about total distrust."
The economist then claimed that it would be wrong to consider Bitcoin a safe haven asset because it responds to liquidity “just like other bubble assets.”
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