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Robert Shiller: Bitcoin May Not Be Around In 2028; Says Students Were Trading Cryptos During Finals

Bitcoin may not be around when your kids get older, says famed thinker and Nobel Laureate Economist Robert Shiller.

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Robert Shiller: Bitcoin May Not Be Around In 100 Years

Transcript

It exclusive analysis and cryptocurrency insights on hacked dotcom for just thirty nine dollars per month. Robert Shiller a Nobel Prize winning economist and Yale University professor says Bitcoin may be extinct in 100 years because it looks like a bubble. If bitcoin is around Shiller says it will be a completely different iteration of what it is today. I’m thinking Bitcoin won’t look anything like it is today Schiller told CNBC.

It will have a different name if it exists. There have been many hard forks changing it and changing it so it will be a matter of dispute whether it exists or not a spike a fizzle Schiller said one scenario could see the top crypto currency by market cap experience a huge price spike before fading out. One scenario is something like what happened in 2013 when Bitcoin topped 1000 dollars and then lost 80 percent of its value.

He said it looked like bitcoin was fading away. Sheller then hedged a bit saying he could be wrong about the volatile market. You know it’s so hard to predict these things he said. I don’t mean to be dismissive of bitcoin but it looks like a bubble. Nobel Prize winning economist Robert Shiller of Yale University. CNBC one thing that Shiller likes about crypto mania which he has repeatedly dismissed is the excitement and innovative spirit it has ignited. It’s getting people enthusiastic and people are making different kinds of cryptocurrency he noted. There’s thousands of them now. So something good may come out of it.

Students traded BTC during final exams Shiller said he was amused when one of his economic students recently asked if he could keep his laptop on during his final exams so he could execute a cryptocurrency trade that’s a new first for me that shows real enthusiasm. Shiller laughed.

I said OK if it’s so important to you you can trade during the final exam. Robert Shiller was one of three people who were jointly awarded the Nobel Prize in Economics in 2013 for their work on spotting financial bubbles. Shiller is an avowed bitcoin bear who has scoffed at the crypto currency market ever since it started garnering countless headlines a fad fueled by hype in April 2018.

Shiller called Bitcoin mania a passing fancy that’s fueled by emotions and hype and is not rooted in sound financial fundamentals as CCN has reported. It’s another example of faddish human behavior Shiller said. It’s a story that I think goes way beyond the merits of the idea.

Economist Rrobert Shiller believes the hype surrounding the decentralized unregulated virtual currency markets stems partly from its defiant images rebelling against the system. I think it’s partly political he reasoned. There’s a big element of people who don’t trust the government anymore and they like the idea that this didn’t come from the government. It came from some real smart computer scientists. It’s a great story for today’s markets of course for every naysayer.

There are numerous bitcoin bulls who are supremely confident about its future including Twitter billionaire Jack Dorsey and billionaire venture capitalist Tim Draper. Even as Shiller predicts the eventual demise of crypto Draper has boldly set a two hundred fifty thousand dollars Bitcoin price target for 2022 like Schiller.

Draper has impeccable academic credentials.

He has an undergraduate degree in electrical engineering from Stanford University and an MBA from Harvard (although his recent comments on Theranos were insane).

Raipur also has a pretty good track record with bitcoin price predictions and is hailed for his savvy decision to buy 30000 bitcoins for 600 dollars apiece back in 2014 when few people had heard of it at today’s price of roughly 7500 dollars a coin Draper’s stash is now worth about 225 million dollars.

 

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