Fluctuations in the exchange rate of bitcoin in recent days once again attracted the attention of the General public, representatives of which are always ready to argue about the prospects of cryptocurrency. One Nobel laureate hastened to remind you that he considers himself among the skeptics.
Robert Shiller, Professor of Economics at Yale University and Creator of the index Case Schiller, for which he was awarded the Nobel prize in 2013, in conversation with CNBC said:
“I’m interested in bitcoin as a bubble. This does not mean that it will burst and disappear forever. Perhaps he will remain for some time. It is interesting to me as another manifestation prone to passions of human nature. It’s glamorous.”
Schiller once said that bitcoin reminds him of the Dutch Tulip mania of the seventeenth century, one of the best known financial bubbles in history.
However, Schiller suggests that in the near future, the bitcoin bubble will not burst.
“I don’t want to refuse him. Some smart people got in and in other cryptocurrencies. But it seems to me that this story went far beyond the merits of the idea itself. It is primarily the psychological aspect and not something that can explain the division of computer research,” he explained.
A psychological motivation to invest in bitcoin due to the lack of trust in governments and institutions the scope of traditional Finance, says Schiller.
“This is partly a political question. Economists tend to miss the political side of the issue. There is a large element of people who have lost confidence in the government. They like the idea that this initiative comes not from the government. It comes from really smart scientists in the field of computing systems. They like it. This is a great story for today’s market”.
In January, Schiller said that bitcoin is waiting for the “complete collapse”, even if it will last 100 years.