Professor Yale University, winner of the Nobel Prize in Economics and famous for his loud statements, the crypto skeptic Robert Schiller believes that bitcoin is a kind of social movement that has arisen as an irrational answer to new information.
On the air of Bloomberg TV, Schiller called Bitcoin the phenomenon of “generations and geography”. He noted that Bitcoin is a social movement and an “epidemic of enthusiasm,” referring to some of the “impressive cryptographic theories” that appeared in computer scientists interested in virtual currency.
When asked about the popular skeptics’ comparison of bitcoin with “tulipmania” in the Netherlands in the 14th century, Schiller noted that today tulips still have value, and some of their varieties are still sold at a very high price.
According to the Nobel laureate, in 2013 bitcoin exceeded 1,000 dollars only in order to lose 80% of its value, and such a scenario may recur. Although Schiller considers bitcoin a bubble, he does not believe that its value will necessarily fall to zero. He likes the innovative spirit and the wave of enthusiasm created by cryptocurrencies.
In April of this year, Schiller said that the excitement associated with bitcoin was caused by a sensation and emotions that were not based on strong financial foundations. HYIP, he said, is caused by an uprising against the system. People admire what does not come from the government. But, as a global currency, bitcoin will return humanity to the dark ages.