Bitcoin, Ripple and ethereum are still recovering from a sudden crash sparked by fears of cryptocurrency bans in South Korea earlier this week.
The renowned economist said he "doesn't know what to make of bitcoin lately", warning the bitcoin bubble could soon crash permanently.
He said: "It has no value at all unless there is some common consensus that it has value.
"Other things like gold would at least have some value if people didn't see it as an investment."
Mr Schiller drew parallels between the bitcoin craze and the so-called "tulip mania" the world experienced in the 17th century, arguing the cryptocurrency is likely to follow in the footsteps of its economic predecessor.
Demands for tulips in the 1640s caused the flowers' price to skyrocket before crashing the market in less than three years.
Speaking to CNBC, he continued: "It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive.
"Bitcoin might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years."
It comes after more than $200billion was wiped off the crypto markets because of fears of a cryptocurrency trading ban in South Korea.
Bitcoin, ethereum and Ripple have all recovered since the market collapse earlier in the week with Ripple surging in value by 20 percent on Friday to $1.58.
Bitcoin gained 5.65 percent to $11,269.15 at 8.03pm, according to CoinDesk.com
Ripple climbed 4.39 percent to $1.53 percent at 8.04 in London and ethereum rose 4.79 percent to $1,031.57 at 8.04pm in London.