Robert Shiller Says Bitcoin Is A ‘Remarkable Social Phenomenon’

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Bitcoin is a social movement whose popularity splits along geographic lines in the U.S., Nobel economics prize winner Robert Shiller said.

 

“The East Coast is less into it than the West Coast,” Shiller said Tuesday in a Bloomberg Television interview with Tom Keene and Guy Johnson. “Silicon Valley is really into it. This to me shows that this is not a rational response to new information.”

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Robert Shiller Says Bitcoin Is A ‘Remarkable Social Phenomenon’

Transcript

Phenomenon it’s generational and geographic. Also discuss the East Coast is less into it than the West Coast. Silicon Valley is really into it. This to me shows that this is not a rational response to new information. It’s a social movement. It’s an epidemic of enthusiasm very much. It is a speculative bubble that doesn’t mean that it will go to zero speculative bubbles recur. We had a bubble in bitcoin in 2013 and it looked like it was done. It fell from a thousand two hundred. But now here’s a look at that why. This is really important. Are you equating this to tulip bulbs in real estate in the Caribbean of other decades and centuries. I know what it means to equate it to that wall by the way tulips are still valued and there is some expensive. I mean a lot of people got hurt in the Tulip and the South Sea Bubble and all the rest of it is that what this is equivalent to with bitcoin. Well in some fundamental sense yes but again that doesn’t mean that the price will go to zero. But I think of Bitcoin as a remarkable social phenomenon. There’s also some impressive crypto graphic theory that’s coming out of computer scientists. But but you know this particular invention has so much more attention. Do you know what’s going on inside your laptop. There’s millions of interesting stories about brilliant engineering devices that are in there but we don’t hear about them. That’s because they’re not part of a bubble. They’re not part of a investor excitement at the possibility of getting rich over this.