If markets deteriorated, Bitcoin might reach $1,000 or perhaps zero.
Bitcoin is a "tumor," according to crypto enthusiast-turned-hater Nassim Nicholas Taleb. The Black Swan author said that everyone under 40—Millennials and GenZ—don't understand how the economy works due of the atmosphere of Federal interest rates in which they have grown up in an interview with CNBC's Squawk Box on Thursday.
The economic structure has been essentially wrecked by Disneyland for the past 15 years—14 and a half years, according to Taleb. Consider it: There are no interest rates. Anyone over 40, for example, has no prior market experience. Zero. They are ignorant of the concept of the time worth of money.
The Black Swan, Taleb's best-selling book, examines chance, danger, uncertainty, and probability. It is founded on the idea of a "black swan event," which is unforeseen, has a significant impact, and is later justified as being less random and more predictable. Taleb asserted in his interview on Thursday that the U.S. Federal Reserve cut interest rates far too aggressively, and society will eventually pay the price.
Zero interest rates for an extended period of time damage the economy, lead to bubbles, and tumors like Bitcoin, according to Taleb.
Taleb was interested in cryptocurrencies a few years ago and even had some of his own. He advised Lebanese citizens to "use cryptocurrencies!" back in April 2020 to get around the nation's financial system. A few months later, he terminated his Coinbase account after complaining on Twitter about Coinbase's customer assistance.
Due to its volatility, Taleb called Bitcoin "a failure" in February 2021 and announced he was selling his Bitcoin. He continued his slide into no-coinerdom in April of last year by asserting that Bitcoin "has elements of an open Ponzi."
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