'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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsBalaji SrinivasanBlack SwanNassim Nicholas Taleb
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...