Nassim Nicholas Taleb, author of “The Black Swan”, says he got rid of his Bitcoin.
A currency is never supposed to be more volatile than what you buy and sell with it, the former option trader said, adding that you can not price goods in the cryptocurrency. “In that sense, it’s a failure (at least for now).”
Taleb also said in a separate tweet Bitcoin has failed as a hedge against central banking policy.
Bitcoin was has risen 17% since 5 p.m. yesterday to $ 47,657 at 12 noon in New York, according to a compilation of prices compiled by Bloomberg. The currency has risen 64% so far this year.
Read more: Sheila Bair says do not buy bitcoin, it is at ‘nose blood level’
– Assisted by Sonali Basak