Join our community of 10,000 merchants on Hacked.com for only $ 39 a month
Robert Shiller, a Nobel Prize-winning economist, called bitcoin a "kind of bubble," which does not mean it will burst.
Shiller, the 2013 Nobel Prize winner for his work in "Trendspotting In Asset Markets," commented on an interview for CNBC.
Shiller made his remarks shortly after bitcoin recorded a 15.94 percent increase in value from $ 6,900 to $ 8,000. The price rose $ 1,100 in a 30-minute window, while massive buying volumes emerged.
"He can be with us for a while," said Shiller. "For me, it's another example of drifting human behavior." He described it as glamorous, but said he did not want to dismiss it.
"But it's a story that goes far beyond the merit of the idea," he said, adding that the reason people are excited about Bitcoin is more psychological than can be explained by the IT department. ]
"Part of politics"
"I think this part is political," he said, noting that this is an area that economists tend to neglect. "There is a big element of people who no longer trust the government, and they like the idea that it does not come from the government. It comes from some real intelligent computer scientists. "
"It's a beautiful story for today's markets," he said.
Shiller's comments are consistent with those he's made in the past. In 2014, he called Bitcoin "inspiration" because of the computer, but as a currency, he said it would bring us back to "dark ages".
Shiller predicts both the Internet bubble and the housing bubble. Before the bursting of these two bubbles, he published "Irrational Exuberance" which detailed the next accidents.
Also read: If Robert Shiller really thinks that Bitcoin is a bubble, he will publish a book about it
Shiller joins the opposition
Shiller is one of many market observers to question the long-term viability of bitcoin.
Ken Griffin, the founding billionaire and CEO of the hedge fund management company Citadel, likened the December price hike from Bitcoin to the tulip bubble centuries ago in Holland.
Jim Cramer, former hedge fund manager, best-selling author and Mad Money animator; Nouriel Roubini, professor of economics at the Stern School of Business at New York University; Katsunori Sago, Director of Investments, Japan Post Bank; Severin Cabannes, Deputy Chief Executive Officer of Société Générale; and Tidjane Thiam, CEO of Credit Suisse.
Jamie Dimon, CEO of JP Morgan Chase, said that Bitcoin was a fraud, while James Gorman, CEO of Morgan Stanley, said that bitcoin did not deserve all the attention it would receive.
Image from Shutterstock to photo
Follow us on Telegram.