"Black Swan" author Nassim Taleb doubled down on his criticism of cryptocurrencies.
"It's not even good for money laundering," Taleb said, adding that bitcoin has turned into a cult.
The essayist has long been vocal about his dislike toward the crypto world, comparing bitcoin to a "tumor" in the past.
"Black Swan" author Nassim Nicholas Taleb doubled down on his criticism of the digital-asset industry, saying bitcoin is no haven and doesn't even serve a purpose for money launderers.
Bitcoin investing has transformed into something of a cult - and such behavior typically doesn't go well with the pragmatic world of money, the statistics guru and former options trader said during the Bloomberg Invest conference on Thursday.
Taleb has long condemned bitcoin, previously classing the world's largest cryptocurrency as a "contagious disease" and an "obsolete product of low interest rates."
"I actually have been a critic of bitcoin for reasons like - my principal reason - well, guess what, it's not even good for money laundering," he said. "It is too traceable - Bitcoin is a book entry somewhere that anyone with basic knowledge and statistics can triangularize," he added, saying that at least with gold, you can melt the bars.
"The second one is that it was transformed into a cult - the first time in history probably we're mixing money and cult," Taleb said. "Here's a cult with a financial product - these things don't go together very well."
The assumptions that bitcoin works as a place of refuge and that it's good for transactions are also false, he continued, adding that the Federal Reserve can very quickly replace cryptocurrencies.
The crypto industry has been under intense scrutiny following the downfall of FTX late last year. It's spurred a full-blown crackdown on the industry, with other major exchanges including Binance being pulled into the crosshairs of inspection.
Read the original article on Business Insider