Nassim Nicholas Taleb says Bitcoin is like the 17th century bubble that saw the price of tulip bulbs skyrocket before crashing.
The cryptocurrency is a tulip bubble without aesthetics and disguised as a “currency,” the former options trader said in a tweet Thursday.
It is as irrational to buy it as it is to short it, he added.
Let me repeat it to those unable to get it. I am not "bearish" on #BTC.
It is a tulip-bubble (without the aesthetics & disguized as a "currency"), hence it is as irrational to buy it as it is to SHORT it, perhaps even more.
Gabish?
—Nassim Nicholas Taleb (@nntaleb) October 21, 2021
Despite the comparison, the author of “The Black Swan” claims he is not bearish on Bitcoin. In the past Taleb had described Bitcoin as an “open Ponzi.”
This article was provided by Bloomberg News.