Bitcoin (BTC), which is not tied to any government or country, is often seen as a store of value and protection against other areas of finance. Former risk analyst and writer Nassim Taleb does not think so.
Comparing Bitcoin to a pyramid chain, Taleb stated during an interview with CNBC: “There is no connection between inflation and cryptocurrency. Never.”
“While experiencing hyperinflation, Bitcoin can see zero. There is no connection between the two. “
Taleb is not skeptical of Bitcoin for the first time. The famous author has announced that he will sell his BTC savings due to the fluctuation in the past months. However, this point of view of Taleb was based on the assumption that Bitcoin is money, not a store of value, and this role of cryptocurrency has changed over the years.
On the other hand, Taleb seems to fully support the technology behind BTC. “It’s a fairly well established cryptographic system, but there is no reason to depend on anything economic,” Taleb continued.
“If you want protection against inflation, buy land. I don’t know, grow olives on it. You know you will have olive oil. If the price goes down, something happens in your hand. It has no connection with Bitcoin. “