Nobel laureate in economics: bitkoyn is just another bubble

Robert Schiller is an American economist who has published many scientific works and books on economics. In 2013 Schiller won the Nobel Prize in Economics. At the moment, the scientist is teaching this subject at Yale University as a professor and directs his investment company MacroMarkets. In one of his recent interviews, the famous economist openly stated that he considers bitcoin to be just another bubble.

Among the books that the scientist wrote, there is one particularly interesting one called “Economics of manipulation and deception”, which tells about financial “soap bubbles”. To whom, as if not a specialist in this field, one should ask a question about the current state of things in the market of crypto-currencies. What, in fact, was done by journalists of the portal Quartz .

“Bitcoin is the best example of a soap bubble at the moment. Personally it seems to me that its popularity is associated with a deeply motivating history of the formation of this currency. I see it in the eyes of my students from Yale. Begin to discuss with them bitkoyn, and they instantly come to full delight. And I think to myself: what’s so delicious about it? “, The professor shared with the journalists.

The scientist is sure that it is in the mystery of the history of the appearance of bitcoin and the mysterious identity of its creator Satoshi Nakamoto that such a high appeal for the idea of ​​crypto-currency is hidden. Crypto currency like a viral advertisement or a popular memo has captured the minds of people. Yes, so captured that even the governments of large countries can not withstand the rapidly growing popularity of bitcoins. According to the scientist, great things happen when someone comes up with an excellent story and diligently develops it.

“The idea of ​​bitkoyna skillfully plays on the person’s irrational fear of the future. Many worry about what the future will be like. What if in the future bitcoins make me fabulously rich? Will we need traditional paper money in the future? Will robots and artificial intelligence take away my work? That’s why people try to understand new technologies and make them a part of their lives as soon as possible. “

The professor also admitted that he regularly polls the largest investors and, based on the information received, displays an index of confidence assessment for the investment market. So, at such a low level, this market has not been since 2000. It was in that year that the dot-com bubble burst – companies whose business model was entirely based on work within the Internet. Today the word “dotcom” is used as a designation of an ill-conceived or immature concept of business. From the point of view of Robert Schiller, bitcoin has most of the signs of the next soap bubble.

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