Published: Jan 22, 2018 9:37 a.m. ET Nassim Nicholas Taleb says bitcoin is the first organic currency That’s Nassim Nicholas Taleb’s perspective on bitcoin and the digital-currency fervor that is taking hold across the world. The professor of risk engineering at New York University and acclaimed author of popular business book ‘Black Swan’ described bitcoin
as the first “organic currency,” in a blog post on Medium.
The former trader and statistician offers what amounts to the fullest-throated endorsement of the concept behind cryptocurrencies, though he acknowledges that the digital asset, underpinned by the technology platform blockchain, has its shortcomings as a payment tool. Critics of bitcoin, notably J.P.
Morgan Chase & Co. JPM, +0.42%
CEO Jamie Dimon, say the virtual asset is a speculative bubble on par with the 17th-century Dutch tulip mania that saw the value of tulip bulbs exceed that of houses and other property.
Read: Here’s why a burst bitcoin bubble probably wouldn’t derail global markets Also read: Why bitcoin is now the biggest bubble in history, in one chart Taleb says bitcoin has advantages over assets like gold futures
because it doesn’t require a specific custodian or intermediary. It isn’t the first time the professor has sounded off about bitcoin and its ilk.
Last year, he cautioned that betting on a fall in bitcoin’s value using futures trading on the Cboe Glolam Markets
and those on the CME Group
may be difficult and dangerous. Mark DeCambre is MarketWatch’s markets editor. Read more from marketwatch.com…
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