‘Black Swan’ Author Nassim Taleb Criticizes Artificial Market Manipulation By Bitcoin People: ‘Nobody Is Bigger Than The Market’
By Benzinga
‘Black Swan’ author Nassim Nicholas Taleb recently took to social media to slam artificial manipulation of market prices.
What Happened: On Tuesday, Taleb released a tweet that criticized the artificial prop-up of market prices. Addressing Bitcoin (CRYPTO: BTC) people on, formerly Twitter, he stated, “You may artificially prop up the price; you may paint the tape by coordinated manipulation. But in fine the market is a market, an idiot is an idiot, & youth, inexperience, & ignorance are not virtues.”
Why It Matters: Earlier, Taleb had shared his concerns regarding manipulation in the Bitcoin market, particularly highlighting the impact of decreasing trading volumes. “BTC Volume is slowly disappearing, down >85% from the peak,” Taleb stated in a previous post. He warned that this decline in volumes facilitates market manipulation and that manipulators would eventually look to exit.
Taleb’s views on market manipulation align with his previous critiques of the cryptocurrency market. He has often referred to Bitcoin as “a magnet for idiots” and labeled the cryptocurrency market as a “tumor,” predicting that it would either “kill the host or self-destroy.” These views were expressed in June and respectively and January respectively.
Photo by AlyoshinE on Shutterstock
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