Renowned author Nassim Nicholas Taleb, known for his critical stance on cryptocurrencies, recently expressed his belief that the allure of digital assets is waning as young individuals divert their attention towards Artificial Intelligence (AI). In a series of tweets, Taleb argued that the crypto hype is “starting to peter out” due to the emerging fascination with AI. However, he was not particularly kind towards AI either, labeling it as another “infatuation” akin to digital currencies. His final remark, “successore novo vincitur omnis amor,” translates to “all love is conquered by a new successor.”
Taleb’s perspective garnered mixed reactions from Twitter users. Graphic designer, artist, and author Mike Sheratt, for instance, contended that cryptocurrencies continue to thrive and captivate widespread attention. While Sheratt acknowledged the intrigue surrounding AI, he firmly believed that it cannot replace the digital asset sector.
Cryptocurrencies have displayed signs of a revival since the beginning of this year, gradually breaking free from the prolonged bear market. Bitcoin, in particular, has experienced a surge of over 80% year-to-date. This leading digital asset has also captured the interest of numerous financial giants, including BlackRock, Fidelity, Invesco, VanEck, and others, who have filed applications to launch a spot Bitcoin exchange-traded fund (ETF) in the United States. If approved by the US Securities and Exchange Commission (SEC), this could further ignite enthusiasm among investors.
Alternative coins have also showcased impressive performance, with XRP serving as a prominent example. Recently, XRP skyrocketed to nearly $1, a valuation not seen in over a year, following Ripple’s significant legal victory against the SEC. In March, CryptoPotato reported on the Twitter quarrel between Nassim Nicholas Taleb and Canadian psychology professor Jordan Peterson. Their clash primarily stemmed from their divergent perspectives on Bitcoin.
The altercation began when Peterson shared news about ANZ, a leading Australian bank, announcing its intention to halt cash withdrawals from certain branches. Experts cautioned that this policy could negatively impact older clients and those with disabilities who heavily rely on physical cash. Peterson argued that “Bitcoin fixes this.” Taleb, maintaining his anti-crypto stance, vehemently disagreed with Peterson and went as far as claiming that Peterson “is owned by the Bitcoin cartel.”
Despite Taleb’s critique of cryptocurrencies and his belief that AI is capturing the attention of young people, the crypto market has demonstrated resilience and ongoing innovation. The increased institutional interest, highlighted by major financial players seeking exposure to Bitcoin, signifies a growing acceptance of digital assets. While the landscape may be evolving, it is clear that the potential of both cryptocurrencies and AI continues to shape our future.