Black Swan Author Sees _Crypto Fad Starting to Peter out_ as Youngsters Turn to AI

Nassim Nicholas Taleb – the author of the book “The Black Swan” who is among crypto’s biggest critics – launched another bashing manifest against the asset class.

He believes the mania surrounding bitcoin and the alternative coins have started fading out because young people have turned their focus toward Artificial Intelligence (AI).

The Latest Dose of Criticism

In one of his recent tweets, Taleb claimed that the crypto hype is “starting to peter out” due to youngsters’ new passion: Artificial Intelligence (AI). However, he was also not kind to the latter, describing it as an “infatuation” (just like digital currencies).

He concluded his post with the Latin phrase “successore novo vincitur omnis amor,” which is literary translated as “all love is conquered by a new successor.”

The crypto fad is starting to peter out as many of those fanciful young adults who like to play w/computers in their mothers’ basements are now getting enamored with AI.

You need another infatuation to displace an infatuation: successore novo vincitur omnis amor.

— Nassim Nicholas Taleb (@nntaleb) July 21, 2023

Some Twitter users who commented on Taleb’s post shared different stances. For example, the graphic designer, artist, and author Mike Sherattsuggestedthat crypto “is still thriving and grabbing everyone’s attention.” He agreed that AI is intriguing, but it can not replace the digital asset sector.

Crypto has shown signs of revival since the beginning of the year, and it seems like it is gradually escaping from the grip of the prolonged bear market. Bitcoin has surged by over 80% YTD.

The leading digital asset has also grabbed the attention of numerous finance giants, such as BlackRock, Fidelity, Invesco, VanEck, and others who filed to launch a spot BTC ETF in the United States.

A potential green light from the US Securities and Exchange Commission (SEC) could fuel additional enthusiasm among investors

The alternative coins have also shown impressive performance, with XRP being the most obvious example. It recently skyrocketed to almost $1 (a valuation last seen over a year ago) after Ripple notched a landmark victory in its legal battle against the SEC.

The Taleb-Peterson Dispute

As CryptoPotatoreported in March, “The Black Swan” author started a quarrel on Twitter with the Canadian professor of psychology – Jordan Peterson. They have entirely different views on Bitcoin, which seemed like the main reason for the clash.

It all began when Peterson shared the news about the leading Australian bank – ANZ – and its intention to cease cash withdrawals from some of its branches. Experts have warned that the policy could affect older clients and such with disabilities who predominantly rely on physical cash. “Bitcoin fixes this,” Peterson maintained.

True to his anti-crypto vision, Taleb disagreed with the psychologist. He went even further, claiming that Peterson “is owned by the Bitcoin cartel.”