Renowned author and statistician Nassim Nicholas Taleb found Elon Musk’s widely touted X Money payments service better than Bitcoin (CRYPTO: BTC) on Wednesday.
X Money A ‘Private’ Currency?
Talib responded to Musk‘s announcement that X Money will begin early public access next month, saying, “This is much, much smarter than Bitcoin. Private currencies must compete with one another.”
X users differed on what Taleb meant by “private currencies,” with some concluding that “private” referred to X as a private company rather than privacy features.
Bryan, another user, wondered how X Money would be different from existing services like PayPal Holdings Inc. (NASDAQ:PYPL) and Cash App.
What X Money Is About
X Money’s beta version was rolled out earlier this month, as part of Musk’s ambitious “everything app” vision. Actor William Shatner previewed the service, revealing that it uses fiat money backed by a “real bank” and is not related to any cryptocurrency.
Using X Money, users can send money directly within the app. The service also offers a physical debit card, which can be personalized with the user’s official X handle. So far, it has secured a partnership with Visa Inc. (NYSE:V).
Taleb A Known Bitcoin Basher
Taleb has been a fierce critic of Bitcoin, and once said that the leading cryptocurrency isn’t even a suitable tool for money laundering because it’s easily traceable.
“The Black Swan” author has consistently argued that Bitcoin failed both as a currency and a hedge and that “few assets in financial history have been more fragile than Bitcoin.”
Price Action: At the time of writing, BTC was exchanging hands at $69,438.16, down 0.18% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Marina-Kruglyakova on Shutterstock.com
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