While Bitcoin and other cryptocurrencies are gradually making progress in gaining their value, the Nobel Prize-winning economist Robert Shiller considers the concept of cryptocurrency as a psychological analysis than an investment.
Robert Shiller is a professor of economics at Yale University and is the Co-Founder of the Case-Shiller Index.
In an interview conducted by CNBC, Robert Shiller says:
“I’m interested in bitcoin 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,”
“To me, it’s interesting as another example of faddish human behavior. It’s glamorous,”
Shiller believes that cryptocurrency is a field which most of the economists tend to avoid. He mentioned that there are a huge number people against the government policies and are attracted by the idea of the new investment method only because it did not arise from the government, instead it originated from some really smart computer scientists.
Shiller made his statement right after Bitcoin’s value shot up from $6,900 to $8,000 in a 30-minute window. According to the previous analysis bitcoin prices deprecated and went below $7000 earlier this month. Currently, the cryptocurrency is trading at $8018.86 with a market cap of $13.61 billion. The overall volume of the coin has decreased by 0.86% in the past 24hrs.
A bitcoin enthusiast commented:
“I understand not understanding the whole ecosystem is not the greatest thing when speaking to a technology in that world, but everyone is dismissing his analysis of Bitcoin on the grounds that he doesn’t know what an ICO is? I’m not sure how that counters his analysis of the Bitcoin bubble. In fact, I think he would contend, that dismissing his thoughts on the bubble by saying “he doesn’t know what an ICO is lol” strengthens his argument of the psyche of the Bitcoin participant being someone who ‘gets it’ and any contention simply dismissed as ‘not understanding’.”
An economist from the United States says:
“As an economics major, Shiller was one of my college heroes. His opinion holds weight with me.”
The post ‘Bitcoin [BTC] is an example of faddish human behavior’ – Says Nobel laureate economist, Robert Shiller appeared first on AMBCrypto.
Powered by WPeMatico