Nassim Nicholas Taleb, the renowned essayist, statistician, and author of The Black Swan, has once again taken aim at Bitcoin, branding it a “technological tulip” and doubling down on his harsh critique of the cryptocurrency. Despite Bitcoin’s resilience and record-breaking performances in recent years, Taleb remains steadfast in his assertion that the digital asset is fundamentally flawed and unsustainable.

Taleb’s criticisms are far from new, but his latest remarks have reignited debate across the financial and crypto communities. Unlike traditional skeptics like Peter Schiff, who have consistently opposed Bitcoin from its early days, Taleb’s perspective carries unique weight because he was once a vocal supporter. At one point, he described Bitcoin as “the first organic currency” and even contributed the foreword to Saifedean Ammous’ book The Bitcoin Standard, in which he praised Bitcoin as a potential hedge against government overreach.

However, Taleb’s outlook changed dramatically. By 2021, he began distancing himself from Bitcoin, calling it a speculative asset incapable of functioning as a currency. He published a paper that dismissed Bitcoin’s ability to operate without government backing, labeling its price essentially worthless and its volatility too extreme to serve as a reliable store of value. In his view, Bitcoin’s high risk and lack of stability undermine its usefulness as a hedge against systemic financial shocks.

Taleb’s criticism goes beyond economics. He has described Bitcoin as a “cult” and likened its supporters to irrational speculators from the infamous Dutch tulip mania of the 17th century. This comparison is not incidental — calling Bitcoin a “technological tulip” evokes the historical bubble often cited as one of the first major speculative frenzies in financial history. The implication is clear: Taleb sees Bitcoin as driven by hype rather than intrinsic value or technological necessity.

In one of his most scathing assessments in 2023, Taleb labeled Bitcoin a “detector of imbeciles,” suggesting that its popularity reveals a widespread lack of financial literacy and rational thinking. His contempt for the crypto culture is matched only by his dismissal of the coin’s long-term prospects. Even as Bitcoin surged in value and gained more institutional acceptance, Taleb maintained that it fails to meet the standards of a serious monetary instrument.

Critics argue that Taleb’s turn against Bitcoin may be personal as much as it is ideological. His falling out with Ammous and a broader disillusionment with the Bitcoin community may have contributed to his increasingly hostile tone. Regardless, Taleb’s sharp rhetoric continues to strike a chord — especially among those wary of the hype that often surrounds the crypto market.

Meanwhile, Bitcoin has continued to defy expectations, recently trading near all-time highs and attracting large institutional investors, including hedge funds and even governments. Michael Saylor’s firm, Strategy, now holds over 553,000 BTC, positioning itself as a key player in Bitcoin’s financial ecosystem. And yet, voices like Taleb’s serve as a persistent reminder that not all experts are convinced.

While some see Taleb’s stance as outdated in light of growing adoption and real-world use cases, others value his perspective as a necessary counterbalance to excessive optimism. He raises valid concerns about volatility, regulation, and the speculative nature of crypto markets — issues that Bitcoin advocates themselves continue to grapple with.

As the Bitcoin narrative evolves, Taleb’s criticism remains a lightning rod. Whether one agrees or not, his arguments challenge enthusiasts to confront uncomfortable questions: Can Bitcoin truly function as a currency? Does its volatility negate its potential as a store of value? And are its most vocal supporters willing to entertain critical views?

In an industry built on disruption, voices like Taleb’s play a vital role in shaping discourse. While his “technological tulip” analogy may provoke outrage among crypto loyalists, it also ensures that the conversation around Bitcoin remains grounded in rigorous skepticism — a necessary component of any maturing financial system.