Lebanese-American essayist and statistician Nassim Nicholas Taleb has once again launched a sharp critique of Bitcoin, describing it as a "technological tulip" and reaffirming his position as one of the cryptocurrency’s most prominent detractors.

Taleb, renowned for his best-selling book The Black Swan, recently published a scathing paper in which he argued that Bitcoin has fundamentally failed in its intended role as a decentralized currency. He claimed the flagship digital asset lacks intrinsic value and stability, asserting that its price is "essentially zero" without government backing.

Central to Taleb’s argument is Bitcoin’s extreme volatility, which he says disqualifies it as a hedge against systemic risk. “You can’t have a reliable hedge with an asset that behaves like a speculative vehicle,” he argued.

Taleb's stance is particularly striking given his initial enthusiasm for Bitcoin. In the past, he praised the cryptocurrency as “the first organic currency” and even wrote the foreword to The Bitcoin Standard, describing BTC as an insurance policy against government overreach. However, by 2021, his views had dramatically shifted. Some observers trace this reversal to a personal dispute with the book’s author, Saifedean Ammous.

In recent years, Taleb has not shied away from provocative criticism. In 2023, he derided Bitcoin as a “detector of imbeciles,” further distancing himself from a community he once championed.

Taleb’s continued condemnation comes despite Bitcoin's strong performance over the past year, during which it has achieved new institutional recognition and price milestones. Nevertheless, he remains adamant that Bitcoin is a speculative bubble rather than a functional currency or store of value.

His criticism draws a sharp contrast with figures like Larry Fink, who have softened their positions on cryptocurrency, and Michael Saylor, who transformed from skeptic to one of Bitcoin’s most vocal advocates.

As the debate around Bitcoin’s long-term viability continues, Taleb’s harsh assessment adds fuel to the ongoing discourse surrounding the future of decentralized finance and the legitimacy of crypto assets.