Bitcoin is an example of “faddish human behavior”, says Nobel Prize-winning economist

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7 months ago
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Robert Shiller, professor of economics at Yale University, once again compared bitcoin to a bubble and a notorious tulip mania in the Netherlands in the 17th century, according to CNBC.

“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.”
– Robert Shiller

“I don’t mean to dismiss it. Some smart people went into these and other cryptocurrencies,” said Shiller. “But it’s a story that I think goes way beyond the merit of the idea. … It is more psychological.” Besides psychological base, he added that this crypto hype has political roots as well.

Robert J. Shiller is an American economist and author. In 2013 Eugene Fama, Lars Peter Hansen and Shiller jointly received Nobel Memorial Prize in Economic Sciences, “for empirical analysis of asset prices”.