With Bitcoin price creating new all-time highs breaking all records, experts are giving mixed reviews in regard to this phenomenon. Robert Shiller, a Nobel Prize-winning economist appeared in on CNBC’s “Closing Bell” show recently wherein he was quoted as saying:
“I’ll take bitcoin, too, because I know I can sell it and get out of it. There seems to be some strange enthusiasm for it. People get excited about things like new monetary standards. Remember bimetallism? It went into a fad, everyone was talking about it for a while. And then it faded.”
For those who are not much aware with bimetallism, it refers to a nineteenth century trend wherein people used to accept both gold and silver as a means of legal tender. However, in spite of holding mixed review about Bitcoin, the American economist could not shy away from the tremendous potential this cryptocurrency form holds.
Bitcoin reached a record high of $5862 on last Friday. The total value of Bitcoin in circulation, i.e. its market capitalization has been estimated to be somewhere around $94 Billion at the time of publishing this article.
“I think gold is a bubble, but it’s always been a bubble,” stated Schiller. “It has some industrial uses, but it basically it’s like a fad that’s lasted thousands of years.”
It can be clearly understood from his statements that he feels that Bitcoin is overpriced presently. He also does not feel that the practical uses of Gold, a multi-millennium bubble matches up to its hiking up price. He has also gone ahead by expressing his doubt regarding the current market conditions. He warned investing public by saying, “Confidence in the valuation of the market is indeed the lowest it’s been since 2000. And when it got low in 2000, the market fell about 40 percent. So it was bad. I think there’s a danger, but I’m not saying to sell everything. I’m still in the market myself.”
This is the Professor’s second public statement regarding Bitcoin. Previously he debated along with CNBC’s crypto expert, Brian Kelly during the early September “Bitcoin Battle Royale“ show wherein he mentioned, “ 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.”
Get latest Bitcoin news and updates on KryptoMoney.com
Subscribe to our newsletters and join our Telegram Channel to stay updated.