Nassim Taleb, author of the standalone book "The Black Swan", recommended using cryptocurrencies in response to tightening financial regulations regarding cross-border transfers.
Nassim Taleb tweeted “Use cryptocurrencies!” commenting an article dedicated to the Bank of Lebanon decision that all remittances sent to Lebanon from abroad should be paid in local currency at a “market rate”. According to some estimates, the number of Lebanese living abroad is three times the size of the country's resident population. Thus, those Lebanese who receive remittances from abroad in US dollars will receive in fact national currency in the bank branches. The decision of the Bank of Lebanon is dictated by the fact that the Lebanese pound lost half its value since October amid a sharp decline in foreign capital inflows and unstable political situation in the country. Advising on turning to cryptocurrencies, Taleb predicts a possible tightening of control of national financial authorities over cross-border transfers in the context of the financial crisis.
Use cryptocurrencies! https://t.co/z4oC8Feg4b— Nassim Nicholas Taleb (@nntaleb) April 16, 2020
At the end of October, Taleb expressed the opinion that the suspension of banks in Lebanon could mark the imminent transition of residents to cryptocurrencies.
Taleb previously positively assessed the capabilities of bitcoin and other cryptocurrencies.
“I am very glad that we have cryptocurrencies...Of course, you are going to have frauds and ponzi schemes and all that with bitcoin and cryptos but when you see governments like in Lebanon, doing the ponzis you tell yourself what is better,” he said at a conference in India last December.