Lebanese-American economist Nassim Nicholas Taleb, author of “The Black Swan,” has engaged in a Twitter feud with Canadian psychology professor Jordan Peterson over the potential for bitcoin to address monetary problems. Peterson believes that bitcoin may offer benefits as the economy becomes digitised, while Taleb is a vocal critic of the primary cryptocurrency.
Taleb Disagrees with Peterson’s Bitcoin Advocacy
As per an article by Daily Mail, ANZ, one of Australia’s leading banks, intends to reduce cash withdrawals from its branches and decrease its ATMs throughout the country. Critics have warned that the policy could impact older and disabled customers who rely on physical cash. Jordan Peterson suggested that people could use bitcoin as an alternative to ANZ’s amendments, but Nassim Taleb warned inexperienced investors not to follow his advice and accused Peterson of belonging to the “bitcoin cartel.”
I did not feel compelled to jump in & explain that Peterson talking about finance is slightly less sophisticated than a committee of antivaxx Canadian truckers lecturing on quantum field theory.
But I need to warn the young victims that Peterson is owned by the bitcoin cartel.
— Nassim Nicholas Taleb (@nntaleb) March 30, 2023
Taleb’s Shift from Crypto Advocate to Critic
Taleb has previously supported cryptocurrencies, stating in 2019 that he prefers to invest in bitcoin and gold instead of cash, stocks, and bonds. However, his stance has changed as a result of his issues with Coinbase in 2020, leading to the closure of his account. In the summer of 2021, he criticised bitcoin, claiming that 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, stating that libertarianism is not solely about distrust and that it is fundamentally about the rule of law, not the rule of regulation. Finally, he claimed that viewing bitcoin as a safe haven was incorrect since it responds to liquidity in the same way as other bubble items.