The sharp decline in the market demonstrated how bad the first cryptocurrency is in the context of protection against systemic collapse. This was stated by writer and scientist Nassim Taleb in an interview with CNBC.
"Bitcoin has once again proved that it does not insure against the melting of your assets," said the author of the book "Black Swan".
On August 5, digital gold fell to $49,000 amid a stock market crash. On that day, the S&P 500 index collapsed by more than 5%, and Japan's Nikkei by about 12%. However, the 18% drop in bitcoin turned out to be stronger.
According to Taleb, the first cryptocurrency performed worse than other assets because it is a "speculative asset that behaves like expensive real estate in Manhattan" and exists mainly to "track the stock market."
In the context of preserving value, the writer called gold an excellent tool:
"If you bury a gold chain in the ground for 10,000 years, it will still remain gold."
https://forklog.com/news/ekspert-zoloto-i-bitkoin-igrayut-raznuyu-rol-v-portfelyah-institutsionalovEarlier, Goldman Sachs CEO David Solomon allowed bitcoin to become a "means of saving".
Recall that after the correction of the Ethereum team leader, Peter Silady expressed his disappointment with the crypto industry and compared it to a casino.