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Nassim Taleb: Bitcoin will become a gold mine for lawyers

Nassim Taleb, author of the cult work “Black Swan,” said that regulatory uncertainty in the cryptocurrency market is setting the stage for civil lawsuits.

“Bitcoin is going to be a gold mine for lawyers. When regulation is blurred, there are a lot of opportunities for civil lawsuits, as in the junk bond crash (in addition to criminal ones, like Milken). If you bought a cryptocurrency based on an explicit recommendation, make sure you have a screenshot,” Taleb wrote.

He also noted that he considers bitcoin “a test of intelligence.” According to him, the point of blockchain technology is to exclude third parties, like custodial services, from the chain of financial interactions. However, large cryptocurrency holders like MicroStrategy use deposit accounts, the philosopher explained.

Comments on the publication noted that Michael Saylor’s company keeps only 15 percent of its assets in a deposit account.

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