Renowned author and scholar Nassim Taleb has once again voiced his skepticism towards bitcoin, doubling down on his assertion that the world's largest cryptocurrency is an "open Ponzi scheme" and a "failed currency." In a recent CNBC interview, Taleb, known for his seminal work "The Black Swan," dismissed the notion that bitcoin serves as a hedge against inflation.

"There's no connection between inflation and bitcoin," Taleb boldly stated, adding that "everyone knows bitcoin is a Ponzi." While some analysts view the cryptocurrency as digital gold, drawing parallels with the precious metal as a potential inflation hedge, Taleb vehemently disagreed with this perspective.

Instead, the Lebanese-American scholar suggested a more traditional approach, recommending, "If you want to hedge against inflation, buy a piece of land. The best strategy for investors is to own things that produce yields in the future. In other words, you can fall back on real dollars coming out of the company."

Taleb's criticism of bitcoin extended to its purported role as a replacement for government-backed fiat currencies. He argued that bitcoin's volatility renders it unsuitable for this purpose, stating, "You don't replace the currency with something that's so volatile that you can't really commit to a transaction in it."

The author admitted that he had initially been "fooled" into believing bitcoin could serve as a viable alternative to traditional currencies. However, he quickly realized that "a currency not backed by a government is just speculation" and "a game."

Bitcoin's recent price swings have only reinforced Taleb's skepticism. The cryptocurrency's value has fluctuated wildly, reaching highs near $65,000 ahead of Coinbase's listing on April 14, only to slide below the critical $50,000 level less than 10 days later. This volatility, according to Taleb, undermines bitcoin's credibility as a legitimate currency.

While Taleb's criticism has drawn both support and backlash from the crypto community, his views underscore the ongoing debate surrounding the true nature and utility of bitcoin. As the cryptocurrency continues to navigate regulatory uncertainties and market volatility, the question of whether it is a legitimate currency, a speculative asset, or something in between remains a contentious topic.

Amidst this ongoing discourse, Taleb's perspective serves as a cautionary voice, challenging the notion of bitcoin as a reliable inflation hedge or a viable replacement for traditional fiat currencies. As the world grapples with the implications of decentralized digital assets, the debate over bitcoin's true purpose and the potential risks it poses continues to captivate investors, regulators, and thought leaders alike.