'Black Swan' Author Destroys Bitcoin (BTC): 'Cult-Like, Useless, and Dangerous'

In a scathing critique of the crypto industry, Nassim Taleb, the renowned author of "Black Swan," launched a blistering attack on Bitcoin (BTC), dismissing it as a useless and dangerous phenomenon, reports Business Insider.

Timeline of Bitcoin

In recent years, the Turkish economy has faced significant challenges, including currency depreciation and inflationary pressures. Amidst these difficulties, Bitcoin, the world's largest cryptocurrency, has caught the attention of prominent figures like Michael Saylor, CEO of MicroStrategy.

Crypto Twitter has been rife with discussions surrounding the pseudonymous creator of Bitcoin (CRYPTO: BTC), Satoshi Nakamoto, after a Thursday report showed the reactivation of a decade-old Bitcoin wallet with over $37 million worth of Bitcoin, believed to be from Satoshi-era. What Happened: Recent tweets within the social media community suggest that Satoshi may be a group of individuals rather than a single person.

Quick Take On June 5, CryptoSlate reported that a high volume of Bitcoin was being sent from miner balance to exchanges. Further analysis has confirmed a significant proportion of the miner outflow is attributable to the Poolin miner pool.

A Bitcoin (BTC) whale that has lain low for slightly over a decade is suddenly coming alive, according to on-chain data. Blockchain tracker Lookonchain says that the long-dormant address has moved 1,432 Bitcoin after lying low since April 2013. “A BTC whale that has been dormant for 10.2 years transferred all 1,432.

As Bitcoin (BTC) continues to struggle under $27,000, the flagship decentralized finance (DeFi) asset has been diverging from the stock market for some time now, indicating that the traditional correlation between cryptocurrencies and stocks may be coming to an end, which could have implications on the maiden crypto asset itself.

The cryptocurrency sector endured immense selling momentum after the Securities & Exchange Commission sued the two top crypto exchanges, Coinbase and Binance. While the United States and the West deal with heavy regulatory crackdowns, a massive amount of Bitcoin supply is flowing to the East.

Hence the current price is not only slightly above the 200WMA, but it has been hovering around this threshold since 11 May. In other words, for almost a month now, the benchmark has become the 200WMA, which by the way is at an all-time high.

The family of Dr. John Forsyth, a Bitcoin (CRYPTO: BTC) millionaire who was discovered shot dead last month in the Missouri Ozarks, has claimed the police investigating the case are keeping them in the dark. What Happened: John, who worked as both an emergency room doctor and a crypto entrepreneur, was found dead in Arkansas over a week after he was reported missing in Missouri.

As various cryptocurrencies continue to face stringent regulatory measures worldwide, the Bitcoin market seems to remain optimistic, with some analysts forecasting a slow and steady increase in its price.

In a tweet this week, crypto advocate Nic Carter took aim at those who claim to be bitcoin enthusiasts but have been applauding the U.S. Securities and Exchange Commission's (SEC) enforcement actions.