Nobel Prize Winner: Bitcoin Rather Collapse Than Survive 100 Years

January 20, 2018

Nobel Prize Winner: Bitcoin Rather Collapse Than Survive 100 Years

Bitcoin most likely will suffer a total collapse and disappear, rather than exist for several more decades, says Nobel Prize winner in economics Robert Shiller, who compared the cryptocurrency with the tulipomania. At the same time, the Yale University professor admits that bubbles are everywhere, and Bitcoin is not the only bubble in the world.

Shiller told in interview with CNBC:

"It has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn't see it as an investment".

He is one of several economists who compared Bitcoin with tulipomania, which happened in the 17th century in the Netherlands. Earlier in 2017 Global Chief Economist of swiss-based financial services company UBS made the same comparison. 

Shiller said:

"It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. [Bitcoin] might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years."

Robert Shiller was a jointly winner of the Nobel Prize in 2013 in Economic Sciences along with Eugene Fama and Lars Peter Hansen "for their empirical analysis of asset prices". It is not the first time when Shiller speaks about Bitcoin. In October 2017 he said that the cryptocurrency reminds him of bimetallism and a couple of months later he said that it is extremely hard to valuate Bitcoin.


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