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CNBC/Tanaya Macheel/7-13-2021
“Nassim Nicholas Taleb has reversed his stance on bitcoin.”
USAGOLD note: Bitcoin, says Taleb, “requires a sustained amount of interest to maintain it.” In direct contrast, “gold and other precious metals,” he says, “are largely maintenance free, do not degrade over an historical horizon, and do not require maintenance to refresh their physical properties over time.” It is not often in his career that Taleb has spoken favorably of gold – so these words came as a bit of a surprise. Ultimately, as history has shown time and again, there are only a few true stores of wealth, and gold and silver head the list. It is difficult to say the same thing about an instrument that would completely lose its utilitarian value, as Taleb points out, in the event of a grid shutdown – “particularly if it occurred during a financial collapse.”
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