The Black Swan Theory Author: Bitcoin is Winning
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Dec. 17, 2019
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An American economist and trader Nassim Nicholas Taleb believes that bitcoin (EXANTE: Bitcoin) is gaining relevance amid a loss of public confidence in the authorities, The Times of India reports.

Speaking at the India Economic Conclave event, the author of the Black swan theory, said that no one can ignore cryptocurrencies, in particular, the history of bitcoin and blockchain.

"I see cases of countries where people no longer trust the banking system because bureaucrats are not sophisticated enough compared to the bottom up collective intelligence built into this that monstrous embedded knowledge. Central banks may no longer be in control of monetary policy because these cryptocurrencies may dominate," Taleb said.

However, Taleb expects the bitcoin price to collapse in the foreseeable future but believes the use of cryptocurrencies will continue.

"Bitcoin is winning and the blockchain is quite an essential aspect that facilitates transaction," Taleb added.

Earlier iHodl reported that Wall Street-backed cryptocurrency exchange ErisX announced it is launching bitcoin futures trading service.

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