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Is Bitcoin Really Safe? New Insights from 'Black Swan' Author on Recent Crash
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is Bitcoin Really Safe? New Insights from ‘Black Swan’ Author on Recent Crash

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Is Bitcoin Really Safe?

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Bitcoin has led a global crypto market downturn in the past few days, with the asset down to as low as $49,751 on August 5. This significant plunge from Bitcoin has been attributed by many to the downturn in the Japanese markets.

The Trigger in Japan

Speaking on the crash, Nassim Nicholas Taleb, a risk analyst, author of “The Black Swan” and a well-known Bitcoin detractor, sheds light on the origins of the recent market disruptions that have rippled through to cryptocurrencies.

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10 months ago

On Monday, the Japanese stock market fell severely, dropping by more than 10%. The report said this plunge came “amid risk from a stronger yen, tighter monetary policy, and concern over the US recession.”

The narrative begins with Japan’s economic policies, where after maintaining zero interest rates for an unprecedented thirty-three years coupled with nearly two and a half decades of quantitative easing, the Bank of Japan (BOJ) found itself cornered into a position where adjustments seemed inevitable.

The abrupt decision by the BOJ to raise interest rates led to a sharp downturn in the Nikkei 225, a major stock index, which in turn sent shockwaves across global markets, including the cryptocurrency sector.

According to Taleb, this sharp pivot in policy was a long time coming, as the artificial suppression of interest rates and excessive liquidity injection often come with hefty long-term costs.

The Japanese approach, often hailed as a successful quantitative easing model, now faces critical scrutiny as it appears the bill for years of economic manipulation is due. Taleb particularly noted in the post on X:

Nearly 33 years of (near) Zero Interest Rates (ZIRP) and 23 years of Quantitative Easing come at a price you eventually must pay. (Japan was always mentioned by the QE fools as a place where the strategy worked).

Is Bitcoin Safe?

Bitcoin dipped to a 7-month low during the global market plunge, dropping below $50,000. This fall impacted the crypto market so much that the total liquidations surpassed $1 billion.

Given this significant negative impact attributed to the plunge in the Japanese market, some might question if Bitcoin is still safe, especially as a safe haven.

However, it is worth noting that Bitcoin has since proved to be a digital asset worth considering as a safe haven when it comes to times like this. In March 2023, when major banks in the US were collapsing, Bitcoin saw a rise to as high as $29,000—a notable increase from its lowest levels below $20,000 that month.

 

Bitcoin (BTC) price chart on TradingView
BTC price is moving downwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

 

Besides, it is also worth noting that not only Bitcoin was a victim of the impact of this Japanese market crash, as several other major crypto assets, including Ethereum and Solana, experienced a drastic fall. For context, Ethereum fell as low as $2,197—a low not seen since January of this year; Solana also bore the brunt, dipping to $110.

Aside from these major cryptocurrencies, traditional assets also received their share of impact, with Nvidia, Tesla, and Apple falling at least 4%.

Related Reading

$528 Million Vanishes from Crypto Funds

Investors Pull Back: $528 Million Vanishes From Crypto Funds Amid Economic Fear

10 months ago

This shows that the recent crash didn’t suggest that Bitcoin was unsafe enough; instead, it reveals its correlation to changes in the global economic sector.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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