American-Lebanese hedge fund manager and academic Nassim Nicholas Taleb gave out a bullish prediction in favor of bitcoin last week saying that it might very soon cross $100,000 mark in the price territory. He was quick to add that there doesn’t seem to be any proper way to short the Bitcoin ‘bubble.’ Taleb had received immense accolade for predicting the black swan events, 2008 crisis, Brexit vote outcome and 2016 US presidential election results previously.
Taleb took to twitter for stating that, “No, there is NO way to properly short the bitcoin “bubble”. Any strategy that doesn’t entail options is nonergodic (subjected to blowup). Just as one couldn’t rule out 5K, then 10K, one can’t rule out 100K.” This tweet was published moments before the bitcoin futures trading went live last night.
“Note that Bitcoin has a limited number of natural sellers. The entire concept is very concave supply (it costs more and more to extract). The number of producers shrinks with time,” exclaimed Taleb having about 2.28 lakh followers in another tweet.
Bitcoin crossed over the $19,000 threshold last week. The digital currency traded at $16,796.16 reporting a 22 percent hike at around 11.25 am (IST). The increasingly popular cryptocurrency made its maiden debut in futures exchange platform CBOE on Sunday causing the price of bitcoin to spike up. CBOE halted the trading of bitcoin futures twice due to surge in price. Even, the CBOE’s website crashed due to heavy traffic on the first day of trading of bitcoin futures.
John McAfee, popular cyber security pioneer tweeted saying that:
“Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else.”
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