Robert Schiller (Robert Shiller), winner of the Nobel prize in Economics in 2013, said in an interview with Bloomberg that bitcoin is “an outstanding social phenomenon”.
Professor of Economics at Yale University believes that the popularity of bitcoin in the US vary: cryptocurrency more popular on the West coast, where is located the Silicon valley and focused technological innovation.
“From my point of view, this fact suggests that it is — not a rational response to new information,” — said the economist, who is known for the study of the reaction of people to the same information and the psychological aspect as a factor in economic change.
Shiller, who predicted the “housing market bubble” and “bubble” in the US economy, I’m sure the reaction to the emergence of such virtual currencies, like bitcoin, is an “epidemic of enthusiasm”.
“It’s a social movement. This is an epidemic of enthusiasm. […] This is a speculative bubble. However, this does not mean that its value will fall to zero,” said Robert Shiller.
When asked whether to compare bitcoin with the Tulip fever in 17th century Holland, as is often done bitcoin skeptics, the Nobel laureate remarked ironically that “the tulips still have a cost, there are expensive tulips.”
He recalled that talk of a “bubble” appeared in 2013,” and when the price of bitcoin topped $1000, only to then lose 80% of its value, it seemed that the bubble burst. In his opinion, such a scenario could be repeated, however, the economist repeated on the zero question.
It is worth noting that in late may Robert Shiller said that in 100 years bitcoin will not exist or will differ significantly from what we see it today, and called it also going to be different.
It is noteworthy that at the same time a critic of bitcoin, Schiller said that he likes the “innovative spirit”, which is peculiar to the industry.
“It charges people with enthusiasm, people create different types of cryptocurrencies. Now they number in the thousands, and this could be something worthwhile,” said Studio guest on Thursday.
However, he has also previously stated that the enthusiasm for bitcoin was caused by hype and emotion that are based not on sound financial principles: the attraction of the idea is largely due to the feeling of belonging to rebel against the system. According to Robert Shiller, people like the idea that it is not from the government. On the other hand, bitcoin is able to return humanity to medieval times, says Nobel laureate.
Recall that among bitcoin skeptics many famous people: why are only the statements of the Chairman of Berkshire Hathway billionaire Warren Buffett (Warren Buffett), who, in his own words, “set high standard” of criticism of the leading cryptocurrency.
There is another category of critics: well, while the famous financier George Soros (George Soros) has publicly expressed his skepticism, his Fund acquires shares of companies that support cryptocurrencies.
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