The hype around the first and most important cryptocurrency, Bitcoin (BTC) is at its height. Robert James Shiller,an economist and Nobel laureate, claimed that Bitcoin might no longer exist in 100 years. If it persists, the BTC will surely have a different name and the fault will be attributed to hard forks.
A big fork problem
Although no one can say for sure what will happen in the future, Yale's economics professor and prominent Nobel laureate Robert Shiller predicts major changes for Bitcoin, including its dissolution.
Bitcoin hard forks will help these changes, "said Shiller, speaking on CNBC's Trading Nation.. "Bitcoin will not look like it is today in 100 years. He will have a different name, if he exists. There will obviously be a lot of hard forks that would change and transform it. And, the question of its existence will be subject to discussion. "There have been more than 40 Bitcoin forks at the moment, including the best-known Bitcoin Cash (BCH), Bitcoin Gold (BTG) and Bitcoin Private (BTCP). Others less popular in the cryptocurrency market such as Bitcoin God (GOD), Bitcoin All (BTA) and Bitcoin Smart (BCS) argue the massive amount of Bitcoin forks.
The Bubble of Bitcoin will burst and its price will fall
Shiller has always been skeptical about cryptocurrency. Bitcoin, meanwhile, has been compared to a bubble in earlier statements. Moreover, many financial experts talk about a digital money bubble that will burst sooner or later.The hype around Bitcoin lends itself more to group psychology than to real economic metrics, "says Shiller.Therefore, he is doomed to fail in this experimental setting.
Bitcoin could suffer a persistent downtrend that will lead to massive price declines, similar to 2013.
The scenario resembles the one after 2013, when Bitcoin exceeded $ 1,000 and then lost 80% of its value. It looked like Bitcoin was disappearing.Previously, Shiller forecasts have come true, suggesting that the economist is perfectly able to identify bubbles. He identified them many years before their appearances.
But knowing the future of cryptocurrencies with certainty is difficult, said the Yale professor.Traditional investors like Warren Buffet have paid the price. Nothing is ever safe in the virtual currency industry, fueling controversy around the market.
I do not want to be dismissive, but Bitcoin looks like a bubble. This makes people enthusiastic, and there are different types of crypto-currencies. There are thousands now. Something good will come out of it, said Shiller.Despite the significant fall of Bitcoin in 2013, losing up to 80% of its value, the BTC reached $ 20,000 in December 2017. Since then, its price has devalued by 50%, falling below 6,000 $ in February 2018.
What do you think of Shiller's predictions that Bitcoin will disappear in 100 years? Do you think that Bitcoin is the currency of the future? Tell us in the comments section below.