Nassim Taleb: It’s better to invest in Bitcoin (BTC) and Gold, rather than treasury bonds and stocks
World-famous economist, and bestseller author of the books “Black Swan” and “Fooled by Randomness”, Nassim Nicholas Taleb has said its better to invest in cryptocurrencies such as Bitcoin and Gold rather than treasury bonds and stocks.
Speaking at India Economic Conclave, an event hosted by Times Group in India pointed out the problem with the current debt market. Nassim Taleb said,
“People have lost faith in governments. You cannot ignore the cryptocurrencies, particularly the bitcoin story and blockchain. I see cases of countries where people no longer trust the banking system because bureaucrats are not sophisticated enough compared to the bottom-up collective intelligence built into this that monstrous embedded knowledge. Central banks may no longer be in control of monetary policy because these cryptocurrencies may dominate. Currency without the government is great.”
Bonds and Banks as Legalized Ponzi
Pointing out the currency crisis in Lebanon, Nassim Taleb says that people have lost trust in the central banks. He asks who is to protect people if the government and banks are involved in a legalized Ponzi scheme.
“I am very glad that we have cryptocurrencies…Of course, you are going to have frauds and ponzi schemes and all that with bitcoin and cryptos but when you see governments like in Lebanon, doing the ponzis you tell yourself what is better,” he said.
Nassim Taleb has been pro-cryptocurrency for a while. He even tweeted to his 431K followers, criticizing the banks and supporting cryptocurrencies.
The most potent case for cryptocurrencies: banks are never there when you need them. And they are trying to bully the public so they avoid accountability and profit disbursements.
Bankers are legal crooks.#bottomup #bitcoin#Lebanon https://t.co/Fp3QPFFkJQ
— Nassim Nicholas Taleb (@nntaleb) October 24, 2019
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