'Black Swan' Author Nassim Nicholas Taleb Says Bitcoin 'Isn't Even Good' For Money Laundering

“Black Swan” author Nassim Nicholas Taleb on Thursday declared that Bitcoin (CRYPTO: BTC) is not even a suitable tool for money laundering. What Happened: In an interview at Bloomberg Invest New York 2023, Taleb called out Bitcoin as similar to a cult with a financial product.

Timeline of Bitcoin

Bitcoin edged marginally higher on Friday, as traders began to shift their attention to next week's Fed meeting. Many are expecting that the Federal Reserve will keep rates unchanged for the first time in over a year. Ethereum remains above a floor at $1,830.

On-chain data shows that Tether (USDT) sharks and whales have been rapidly growing their holdings since Bitcoin's volatility started. Tether Sharks & Whales Grow Holdings As USDT Exchange Supply Plunges According to data from the on-chain analytics firm Santiment, these large Tether holders are now carrying a total of $16 billion worth of the stablecoin.

The cryptocurrency market saw mild net inflows of $0.23 billion over the last 24 hours and currently stands at $1.11 trillion — up 0.22%. During the reporting period, Bitcoin (BTC) market cap rose 0.55% to 515.53 billion, while Ethereum's (ETH) market cap fell 0.14% to 221.42 billion.

Bitcoin Price Analysis: The crypto market continues to witness a brawl between buyers and sellers but no clear indication of a directional trend. Thus, the largest cryptocurrency-Bitcoin may see a temporary consolidation, but the short-term downtrend is still intact.

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.

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.