Major Stories On Bitcoin, India’s Cryptocurrency Bill And Investments

Black Swan author Nassim Taleb reverses stance on bitcoin, calls it one of the most ‘fragile’ assets

In a change of heart, The Black Swan author Nassim Nicholas Taleb now sees no value in holding a bitcoin. The former options trader said the world’s largest cryptocurrency by market cap is worth “exactly zero” and does not satisfy notions of it as a currency without government support, as a hedge against inflation and as a safe haven investment. “Few assets in financial history have been more fragile than bitcoin,” he said in his paper, ‘Bitcoin, Currencies, and Fragility,’ published in late June. Another reason for his stance reversal is that bitcoin requires a sustained amount of interest to maintain it. In contrast, “gold and other precious metals are largely maintenance-free, do not degrade over a historical horizon, and do not require maintenance to refresh their physical properties over time,” he said. Read more here