Crypto skeptic and “Black Swan” author Nassim Nicholas Taleb took to social media platform X, which used to be known as Twitter, on Friday to make yet another powerful prediction regarding Bitcoin BTC/USD . Taleb shared a chart revealing that while Bitcoin’s value has broadly been climbing since reaching its bottom in 2021, its volume has decreased significantly since hitting its peak by early 2021. The telltale chart showed “BTC Volume is slowly disappearing, down >85% from the peak” Taleb pointed out, adding “This is how Open Ponzis implode.”
Though Bitcoin traded off its lofty record level of $68,789.63 made in early November 2021, the crypto sector-wide issues related to the SEC’s surging reins on trading exchanges could be the reason for the currency’s harder downward turn as of late. This further aligns with the Bloomberg report, where it was revealed that cryptocurrency trading volume had retreated to its February 2019 level amid the regulations. Coinbase Global Inc. COIN insuredly contributes to momentum here, as it currently takes up 5.83% of the global Bitcoin trading volume.
This supposition could be affirmed by the doubts and trepidations permeating both the crypto and macroeconomic areas. Experts such as ARK Investment founder, Cathie Wood, offer an alternative to Taleb’s claims, viewing Bitcoin as if it could rise to an unimaginable $1.48 million value by by 2030. Taking it further, such sure-fire milestones would be as reliant upon the positive progressions brought on by both the regulations and a concomitant uptick of cryptocurrency usage.
Noteworthy, at press time, Bitcoin is trending 0.12% lower at $29,432.39, per Benzinga’s data contribution. Those overrepresented remain invited to attend Benzinga’s Future of Crypto event held on November 14th 2023 in NYC for further explorations of related topics surrounding AI, regulations, SEC actions and institutional inclusion in the crypto industry.
