Robert Schiller

Bitcoin is a glamorous craze for some smart people – Robert Schiller

Fluctuations bitcoin rate in recent days, they have again attracted the attention of the general public, whose representatives are always ready to argue about the prospects of cryptocurrency. One Nobel laureate was quick to remind that he considers himself a skeptic.

Bitcoin is a glamorous craze for some smart people – Robert Schiller

Robert Schiller, professor of economics at Yale University and creator of the Case-Schiller Index, for which he was awarded the Nobel Prize in 2013, told CNBC: “I am interested in Bitcoin as a kind of bubble. This does not mean that it will burst and disappear forever. Perhaps it will persist for a while. It is interesting to me as another manifestation of human nature inclined to hobbies. It’s glamorous. “.

Schiller reiterated that Bitcoin reminds him of the 17th century Dutch tulip mania, one of the most famous financial bubbles in human history..

However, Schiller suggests the bitcoin bubble won’t burst anytime soon..

“I don’t want to give it up. Some smart people have gotten into it and other cryptocurrencies. But it seems to me that this story went far beyond the dignity of the idea itself. This is primarily a psychological aspect, and not something that can be explained by the computer research department, “he explained..

Bitcoin is a glamorous craze for some smart people - Robert Schiller

The psychological motivation for investing in bitcoin stems from a lack of trust in governments and institutions in traditional finance, says Schiller..

“This is partly a political issue. Economists tend to overlook the political side of the issue. There is a large element of people who have lost confidence in government. They like the idea that this initiative does not come from the government. It comes from the really smart computer scientists. They like it. This is a great story for the modern market. “.

In January, Schiller said that bitcoin is facing a “complete collapse” even if it lasts 100 years..

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