Nobel prize winner says ‘Bitcoin is still a bubble soon to explode’

Robert Shiller Says Bitcoin Is A Bubble

Robert Shiller, the Nobel Prize-winner has revealed that he hasn’t seen any development which would motivate him to change his opinion on the Bitcoin. As a matter of fact, earlier on Friday(13th April), he added more fuel to the earlier fire he lit which states that bitcoin is a bubble soon to burst.

Several reports back in January 2018 revealed Shiller’s opinions, that the crypto would tumble and fall. The co-founder of Case-Shiller Index and professor of economics at Yale University repeated his earlier remarks when he spoke on CNBC on Friday (13th April).

Something that Shiller repeated was his correlation of Bitcoin to the seventeenth-century tulip mania hypothesis. Back then, the cost of tulip Bulbs swelled, which resulted in a huge peak but later on couldn’t maintain that peak and by the mid of 1637, it fell.

Although Shiller still envisions a similar path like the tulip mania for Bitcoin, he, however, still presents himself as more welcoming towards the legitimacy of the crypto. He mentioned that  Bitcoin has attracted him as some sort of a bubble, although it doesn’t mean that the cryptocurrency would cease to exist.

In an exclusive interview with CNBC, he stated:

“I don’t intend to expel it. Some brilliant individuals went into these and different cryptocurrencies. In any case, it’s a story that I think goes way past the value of the idea. … It is more psychological than something that could be clarified by the computer science department.”

Shiller has given these comments at a time where other respected and influential individuals are coming around to Bitcoin. For instance, JP Morgan’s Jamie Dimon. According to reports, it states that Dimon has regretted his earlier decision of terming the cryptocurrency as a fraud.

On the other hand, there are other onlookers of the crypto space, like Fundstrat’s Tom Lee, who continues to remain bullish on it. He stands firm on his earlier opinion of a high price target for Bitcoin, while also making a bold prediction for it to reach $25,000 by the end of 2018.

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