‘The Black Swan’ author says Bitcoin a poor hedge against market meltdown
Nassim Nicholas Taleb says gold still stands apart as a store of value.
Nassim Taleb, author of The Black Swan and adviser for Universa Investments, said during CNBC’s Squawk Box on Aug. 6 that the cryptocurrency market’s abrupt downturn on Aug. 5 shows Bitcoin (BTC) is a poor hedge against a systemic meltdown.
“Bitcoin is proving once again that it’s not a hedge against your assets melting,” according to Taleb, whose book The Black Swan explores the science of randomness and extreme outliers.
On Aug. 5, the entire crypto market saw a $510-billion drop in total market capitalization amid a marketwide downturn. Following the sell-off, over 60% of the top 50 cryptocurrencies lost all the gains made during 2024, according to CryptoQuant.
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Author: Alex O’Donnell
