Bitcoin is a glamorous passion for some smart people - Robert Schiller

Bitcoin is a glamorous passion for some smart people – Robert Schiller

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Fluctuations of the bitcoin course in recent days have once again attracted the attention of the general public, whose representatives are always ready to argue about the prospects of the cryptocurrency. One Nobel laureate hastened to recall that he regarded himself as one of the skeptics.

Robert Schiller, professor of economics at Yale University and the creator of the Keys Schiller index, for which he was awarded the Nobel Prize in 2013, in a conversation with CNBC said:

“Bitcoin interests me as a kind of bubble. This doesn’t mean that it will burst and disappear forever. Perhaps it will persist for a while. He is interesting to me as another manifestation of the human nature prone to hobbies. It’s glamorous.”

Schiller once again stated that bitcoin reminds him of the Dutch tulipanomania of the 17th century, one of the most famous financial bubbles in the history of mankind.

Nevertheless, Schiller suggests that in the near future the bitcoin bubble will not burst.

“I don’t want to refuse him. Some clever people entered into it and into other cryptocurrencies. But it seems to me that this story has gone far beyond the dignity of the idea itself. This is primarily a psychological aspect, and not something that can explain the department of computer research,”- he explained.

The psychological motivation for investing in bitcoin is due to a lack of trust in governments and institutions in the sphere of traditional finance, Schiller asserts.

“This is partly a political issue. Economists tend to overlook the political side of the issue. There is a large element of people who have lost confidence in the government. They like the idea that this initiative does not come from the government. It comes from really clever scientists in the field of computer systems. They like it. This is a great story for the modern market. “

In January, Schiller said that bitcoin is waiting for “complete collapse” even if it lasts for 100 years.

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