Yale economics professor and co-founder of the Case-Shiller index, Robert Shiller in an interview with CNBC, said that while the bitcoin bubble will burst, it doesn’t mean that it will “burst forever” or disappear.
In fact, he said, the cryptocurrency could be around for a while. While noting that he does not mean to dismiss cryptocurrency, as many bears have forecast it to crash to zero, Shiller called it “glamorous” and “another example of faddish human behavior.” He said,
“I’m interested in [B]itcoin as a sort of bubble. It doesn’t mean that it will disappear, that it’ll burst forever. It may be with us for a while.”
The Nobel Prize laureate for economics, Shiller has taken a harsh stance on the future of Bitcoin many times in the past. During a 2017 debate with crypto expert Brian Kelley on CNBC he said
“It’s the quality of the story that’s attracting all this interest, and it’s not necessarily sustainable… what’s driving the market? It’s not fundamentals. It’s not like this is a fundamentally important thing, this Bitcoin.”
Shiller highlighted that he knows many “smart people” who have invested in cryptocurrencies, including many of his students, but adds that the attraction to crypto is “a story that I think goes way beyond the merit of the idea. It is more psychological than something that could be explained by the computer science department.”
Not just Bitcoin but Shiller has also talked about gold and other precious metals being bubbles that are highly overvalued compared to their inherent usefulness in manufacturing.
However, Shiller has always maintained an interest in the blockchain technology that has given birth to Bitcoin and other cryptocurrencies and how this technology may revolutionize the world for a better tomorrow.
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