'Black Swan' Author Criticizes Bitcoin As Balaji Srinivasan Settles $1M Bet: 'Product Designed By Toddlers'

Nassim Nicholas Taleb, author of the ‘Black Swan,’ on Wednesday criticized Bitcoin BTC/USD by stating that it’s a “product designed by toddlers for use by children.”

What Happened: Taleb was responding to Balaji Srinivasan, former CTO at Coinbase COIN, who conceded defeat after closing his $1 million bet on Bitcoin as the apex cryptocurrency declined 97% below the target price.

"I thought I’d seen every possible *ex post* spin by investors & traders who lost money. This is about the perfect zero-imagination excuse," tweeted Taleb, adding it was a “product designed by toddlers for use by children.”

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

Why It Matters: Srinivasan, instead pledged $1.5 million to three different organizations. Out of the total amount, $500,000 has been donated to Bitcoin Core developers, $500,000 to non-profit charity Give Directly, and $500,000 to a pseudonymous Twitter user. 

“I settled the bet ahead of time and donated even more than I had committed,” Srinivasan tweeted.

Price Action: At the time of writing, BTC was trading at $29,098, up 2.04% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Rise After Fed Rate Hike: Analyst Predicts Bullish Wave And $32K Target For King Crypto

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Posted In: CryptocurrencyNewsMarketsBalaji SrinivasanBlack SwanNassim Nicholas Taleb
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