'Black Swan' author calls Bitcoin a failure, at least for now

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Bitcoin has gained 64% so far this year.
Bitcoin has gained 64% so far this year.

Nassim Nicholas Taleb, author of The Black Swan, says he has been getting rid of his Bitcoin.

"I've been getting rid of my BTC. Why? A currency is never supposed to be more volatile than what you buy and sell with it.You can't price goods in BTC," the former options trader tweeted on Friday.

"In that respect, it's a failure (at least for now). It was taken over by Covid-denying sociopaths with the sophistication of amoebas."

Taleb also said in a separate tweet Bitcoin has failed as a hedge against central bank policies.

Bitcoin has gained 64% so far this year.

AFP reported on Friday that Canada's main securities regulator has cleared the launch of the world's first exchange-traded bitcoin fund, giving retail investors greater access to the cryptocurrency. It is to start trading under the ticker BTCC "as early as next week," a company spokesperson told AFP.

Bitcoin was launched in 2009. It hit a record-high near $45 000 earler this week after Elon Musk's electric carmaker Tesla invested $1.5 billion in the digital currency.

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