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Robert Shiller Says Bitcoin Is A ‘Social Movement’

Robert Shiller, a Nobel prize-winning economist, talked about Bitcoin and the implications it has on the economy. During an interview with Bloomberg dated on June the 26th, the economist says that Bitcoin is a ‘social movement’ and an epidemic of enthusiasm.

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Robert Shiller

Prestigious Economist Robert Shiller Says Bitcoin Is A 'Social Movement'

Transcript

Robert Shiller a Nobel Prize winning economist talked about bitcoin and the implications it has on the economy. During an interview with Bloomberg dated on June the 26th the economist says that Bitcoin is a social movement and an epidemic of enthusiasm. Robert Shiller on bitcoin the Nobel Prize winner is a Yale Sterling Professor of Economics and is one of the most recognized economists all over the world in this occasion. He said that Bitcoin is a speculative bubble. Moreover he explained that the phenomenon is geographical and related to regeneration. Shiller commented about that it is generational and geographic east coast is less into it than the West Coast. Silicon Valley is really into it the professor explains that the unsystematic behavior in the adoption of the cryptocurrency shows the irrational response to a new information. According to Yale's professor he says that crypto currencies are a speculative bubble because there is an exclusive demography for the asset. The Economist has also provided an explanation about how cryptocurrency innovations have raised the attention of many individuals and companies after investors were able to get rich immediately. There is also some impressive cryptographic theory that is coming out of computer scientists he said. This particular invention has so much more attention do you. Now what is going on inside your laptop. There are millions of interesting stories about brilliant engineering devices that are in there but we do not hear about them. That is because they are not part of a bubble. They are not part of investment excitement about a possibility of getting rich over this.

Back in 2013 Robert Shiller received the 2013 Nobel Prize in Economic Sciences for their empirical analysis of asset prices. He was also known for predicting the dot com and housing bubbles and warning about the crisis when these bubbles cannot be sustained anymore and start to burst at the moment. And according to him Bitcoin is the biggest financial bubble and his analyses are based on conclusions on the failed monetary examples of the 19th and 20th centuries tax bitcoin crypto currencies.