Nobel laureate 2013 in the field of Economics Robert Schiller (Robert Shiller) called bitcoin “social movement”, and the popularity of cryptocurrencies — “an irrational response to new information.”

Professor at Yale University, speaking at the Bloomberg TV channel, also drew attention to the fact that bitcoin is more popular on the West coast than on the East. In his opinion, this is due to the interest of Silicon valley to the technology.

He recalled that in 2013 the price of bitcoin topped $1000, only to then fall by 80%%. Such a scenario could happen again, said Schiller. Though he considers the bitcoin bubble, this does not mean that its value will fall to zero.

Robert Schiller said that bitcoin is not likely to be 100 years, but if the cryptocurrency survives, will be very different from what it represents now.

For all its criticism of bitcoin, the famous economist admitted that he likes the spirit of innovation and excitement created by the cryptocurrency.

Robert Shiller — one of the most famous bitcoin skeptics. In September last year, he called the first cryptocurrency “the best example of speculative bubble.” He later indicated that cryptocurrency attracts those who want to “outsmart the system”, and its value is “extremely doubtful”. In April, Schiller said that investing in bitcoin now is just fashionable. In may, wrote in a blog that bitcoin is one of the most unsuccessful attempts in human history to create the currency.

Recall that Robert Shiller is not the only bitcoin-skeptic among the Nobel laureates in Economics. Criticisms of cryptocurrencies previously noted also Richard Thaler (Richard Thaler) and Joseph Stiglitz (Joseph Stiglitz).