Bitcoin Will ‘Totally Collapse,” Even if it Takes 100 Years: Nobel Prize Winner
- Nobel laureate Robert Schiller is fairly certain that the Bitcoin will collapse, but I can not be sure exactly when the collapse will take place. "I think that," said Schiller, a professor at Yale University and Nobel Prize laureate for the economy in 2013, The bacon is likely to "completely collapse and be forgotten", although it may last for 100 years.
Schiller added:
"What's happening in bitcoin now reminds me of what happened at the Tulip mania in the 1940s, so the question is: Will we continue to pay the heavy price for the collapse that happened at that time? The Bettkin may collapse completely and forget, and I think this is probably a good result, May last for a long time, up to 100 years. "
Schiller pointed to the obsolete comparison with the so-called "Tulip Bubble", saying that the Bitcoin has no value outside the common consensus which has real value, making it different from gold and other commodities.
"There is no value to the protein at all, unless there is some common consensus that it is valuable. Other things, like gold, are at least valuable if people do not see it as an investment," he said, adding he did not know what to conclude as a benefit for the petrochemicals in the end.
Notably, this is not the first time Schiller has given bearish forecasts to bitcoin. Last year, Schiller saw that "The Legends of the bitcoin" was a wonderful story if it was real and predicted that although it may not immediately crash to zero, But it will certainly go down considerably.
Schiller was not the first Nobel laureate to dampen the annual lunar aspirations of bitcoin investors. Vozov Stiglitz, who won the prize in 2001, argued that digital currencies "should be banned" because they do not serve any socially useful function.
News source : https://www.ccn.com/bitcoin-will-totally-collapse-even-takes-100-years-nobel-prize-winner/