Nassim Taleb: Bitcoin gains relevance against the background of the loss of public confidence in the authorities

American writer and statistician, author of the economic bestseller “Black Swan” Nassim Nicholas Taleb argues that cryptocurrencies are gaining more and more relevance, while people are losing confidence in the authorities.

“Cryptocurrencies, in particular the history of bitcoin and blockchain, cannot be ignored. I see examples where people no longer trust the banking system, – he said, speaking at the event of the Indian Economic Conclave. – Central banks may no longer control monetary policy, because these cryptocurrencies can dominate. Currency without government is great. “.

Taleb does not exclude the possibility of a collapse in the bitcoin rate, but he thinks that cryptocurrencies will continue to be used by consumers: “I have an institution where I now accept payments in bitcoin. I understand that Lebanon is in a position where there is undeclared currency regulation, but the authorities cannot control Bitcoin. This is good, because people do not believe in the central bank, which, in fact, causes the collapse of the Ponzi model, and bitcoin is deprived of this “.

Taleb urges potential users of bitcoin not to consider it as a “repository of values” and take into account all the attendant risks. At the same time, he is happy with the existence of cryptocurrencies and their diversity..

“Give the opportunity to compete, and then we’ll see who wins. Bitcoin wins, and blockchain is a much needed transactional element. Of course, there will be scammers and pyramids, but when you see how the authorities, for example in Lebanon, are erecting pyramids, decide for yourself which is better, “he added..

In October, Taleb expressed the opinion that the situation with banks in Lebanon is the best advertisement for Bitcoin..

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