Monday, 23 Apr 2018

The Bitcoin bubble could be eternal, according to Nobel economist Robert Shiller

Known not only for his Nobel prize in Economics, but for his adverse opinions on Bitcoin and cryptocurrencies in general, Robert Shiller seems to have changed his mind recently. However, in recent declarations At CNBC, Shiller has praised the “decentralized nature” of cryptoactives. “Investors like the idea that this (the cryptocurrencies) does not come from the government. It comes from some really intelligent computer scientist and they like it. So it’s a great story for today’s markets. ” The economist also stated that, although he maintains that cryptocurrencies are “a bubble”, he now recognizes that he may have been excessively blunt about his deficiencies in the past. “I am afraid that Bitcoin is a kind of bubble, but that does not mean that it will disappear, that it will explode and be lost forever. I think he can be with us for a while, “he said. In the same interview, Shiller said that “some smart people invested in both Bitcoin and other cryptocurrencies, which is far from the statements I made in the past.” In addition, now the prestigious economist does not criticize Bitcoins and cryptocurrencies, since he has also spoken extensively in interviews about gold and precious metals, which are highly overvalued bubbles compared to their inherent utility in manufacturing. Establishing a comparison between the two, Shuller has said that Bitcoin, like gold, can become another vehicle for storing value, without explaining how that differs from stocks and values. However, it is convenient to remember that, throughout many interviews in which he has participated, Shiller has always maintained an interest in the Blockchain-based technology that drives Bitcoin and now it seems that he may be rambling to see the usefulness and longevity of a cryptocurrency of a decentralized nature.

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