Nobel Prize-winning economist Robert Shiller said the bitcoin boom was driven by hype, not from the financial data.
Robert Shiller, a professor at Yale University and Nobel laureate economist, argues that today's bitcoin fever is merely a momentary, emotionally driven, and not rooted in emotion. Fundamentals of finance. Shiller made the remarks even when technology billionaire Tim Draper set a target of $ 250,000 for bitcoin in 2022.
"This is just another example of the hottest human behavior," Shiller told CNBC on April 13. "Smart people engage in these and other digital money, but it's a meaningful story that goes far beyond the original idea."
Shiller, acknowledging himself as a bitcoin bear, is best known for his research on financial bubble identification, stating that the hype surrounding the fragmentation, uncontrolled and oversight of the digital money market Derived from its image as a revolt against "System (social)"
"I think it's part of politics," Shiller said. "There are a number of people who no longer trust the government, and they like ideas that are not government, but very intelligent computer scientists. It's a great story for today's markets. "
Price escalation is unclear and difficult to explain
Schiller made the right point. The Bitcoin trajectory looks very unstable.
After its release in 2009, BTC's price is still below $ 1 for a card until 2010. By 2013, bitcoin has risen to more than $ 100 for a coin. As of January 2017, bitcoins rose to $ 1,000 before falling. By August of 2017, the price of the bitcoin increased to $ 3,000, then shot up to more than $ 19,000 in December 2017. Currently, Bitcoin is in the midst of $ 8,000.
There are opinions that BTC prices are being manipulated by bitcoin whales, or individuals owning large amounts of digital money that are market capitalized. Not many people can verify that, and there is no way to prove price manipulation, but the rumors are still there.
"It's more psychological"
Yale economist Robert Shiller, who has repeatedly referred to bitcoin as a bursting bubble, thinks there is no moral explanation for the price hike or exaggeration of media coverage. bitcoin.
"I'm not entirely sure about this, but it makes me feel that the reason people are excited about it is more psychological than anything else that can be explained by computer science. , "He said.
(Video clip: Robert Shiller tells why Bitcoin fever is more psychological than economic)
TIm Draper's skepticism has a deep belief in the future of bitcoin, the digital money market, and blockchain, the technology behind digital money.
Draper set a target of $ 250,000 for bitcoin in 2022. He made this prediction on April 12 at the 2018 Block Party at Draper University in California.
"I think a bitcoin will cost $ 250,000 by 2022. Trust it," Draper said (via Reddit). "Maybe they'll think you're crazy, but believe it. It's happening and it's going to be great. "
Funstrat set Bitcoin's end-of-year value target at $ 25,000
Meanwhile, Tom Lee from Fundstrat, another famous bitcoin, predicts bitcoin prices will rise to $ 25,000 by the end of 2018.
Lee explained that the recent depreciation of the bitcoin was due in part to investors trying to sell off their digital money in a race to avoid paying a profit tax.
"We still feel pretty confident that bitcoin is a great reward for its risk, and we think it could hit $ 25,000 by the end of the year," Lee told CNBC on April 12. here).
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