Nobel Winning Economist Ponders the Meaning of a Bitcoin Bubble

Bitcoin Bubble

WELL, WELL WELL! Here’s an interesting question to ponder. If a bubble doesn’t pop, is it really a bubble? That may be the way a brilliant Nobel Prize winning economist (oh, lets say Robert Shiller) ‘hedges’ his comments about bitcoin. Check me here BUT he seems to be saying bitcoin is a bubble, but it may not burst. Whoa, trippy. In an interview on CNBC he muses that bitcoin (cryptos in general) is, in part, a fad and human nature jumps on fads until…………well, the fad ends. And those silly fads can go on for a very long time. Like automobiles, flying machines, the internet and such which are still “fading”. So, I don’t have any Nobel Prizes on the mantel (don’t even have a mantel), and the closest I have ever been to Yale is on a Google map, but I am a big bitcoin fan. The only “popping” I ever hear is champagne corks when you get ready to sip the bubbly.
(Bill Taylor/Managing Editor)

“Nobel Prize laureate for economics Robert Shiller believes that while Bitcoin (BTC) might be a bubble, that doesn’t mean that it will burst and be gone forever, according to an interview on April 13 with CNBC’s Trading Nation.

Shiller, who is currently a professor of economics at Yale University, referred to BTC as “another example of faddish human behavior. It’s glamorous”:

“I’m interested in [B]itcoin 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.”

Shiller highlights that he knows that “smart people” have invested in cryptocurrencies, including many of his students, but adds that the attraction to crypto is “a story that I think goes way beyond the merit of the idea. It is more psychological than something that could be explained by the computer science department.”

According to Shiller, there is a “part” of the cryptocurrency “fad” or “bubble” that is political, as people that don’t trust their governments may be tempted to invest…”

Source: Cointelegraph