Black Swan author believes ‘crypto is starting to lose steam’ as young people turn to AI.

Nassim Nicholas Taleb – author of the book “The Black Swan” who is among the biggest critics of crypto – launched another critique against the asset class.

He believes that the frenzy surrounding bitcoin and alternative coins is starting to subside as young people turn their attention to artificial intelligence (AI).

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In his recent tweets, Taleb claimed that crypto hype is “starting to subside” due to the new obsession of youth: Artificial Intelligence (AI). However, he was not too kind towards the latter, describing it as an “infatuation” (much like digital currencies).

He concluded his post with the Latin phrase “successor novo vincitur omnis amor”, which is translated literally as “all love is conquered by a new successor”.

Crypto is starting to wane as many of those dreamy young adults who used to play with computers in their mother’s basement are now becoming obsessed with AI.

To displace one infatuation you need another infatuation: Successor novo vincitur omnis amor.

— Nassim Nicholas Taleb (@nntaleb) 21 July 2023

Some Twitter users commenting on Taleb’s post shared a different stance. For example, graphic designer, artist and author Mike Sherret suggested That crypto is “still flourishing and grabbing everyone’s attention.” He agreed that AI is interesting, but it cannot replace the digital asset sector.

Crypto has shown signs of revival since the beginning of the year, and it seems to be slowly escaping the grip of a prolonged bear market. Bitcoin has gained over 80% YTD.

The pioneering digital asset has also attracted the attention of several finance giants such as BlackRock, Fidelity, Invesco, VanEck and others, who have applied to launch Spot BTC ETFs in the United States.

A possible green signal from the US Securities and Exchange Commission (SEC) could spur additional excitement among investors.

Alternative coins have also shown impressive performance, with XRP being the most obvious example. It recently rose to around $1 (a valuation seen a year ago) after Ripple won a historic victory in its legal battle against the SEC.

Taleb-Peterson Controversy

As crypto potato informed of In March, “The Black Swan” author started a Twitter feud with Jordan Peterson — a Canadian psychology professor. Their views on bitcoin are starkly different, which seems to be the main reason for the clash.

It all started when Peterson shared the news about the leading Australian bank – ANZ – and its intention to stop cash withdrawals from some of its branches. Experts have warned that the policy could hit older customers and people with disabilities who rely primarily on physical cash. “Bitcoin fixes that,” Peterson said.

In line with his anti-crypto stance, Taleb disagreed with the psychologist. He went even further, claiming that Peterson “is owned by the bitcoin cartel.”