Economic Nobelist gives a grim prediction for Bitcoin (Video)

Shiller a prominent economist who had predicted the 2003 bubble before it exploded.

He is also the author of the best-sold book on this subject, “Iraqi Tepria”.

So perhaps we should pay attention to his word when he says that Bitcoin is appropriate to what is known as the bubble model.

In an interview with “Qurtz”, Schiller is asking to appoint the best example presented in his book “Unreasonable prisca” as a supululative bubble by attributed this bitcoin.

He did not hesitate to answer it.

The best shell at the moment is bitcoin”, he said.

And I think this has more to do with the qualities that people motivate most of the bitcoin story and, I've seen it in my students at Yale. You start talking about bitumen and they're excited and I mean, what's so exciting? You have to think about people. What does the story of bitcoin mean?”, he added.

Bitcoin has increased 71.8% last year alone, and on Friday it has reached $5,000, according to Condesk. If you bought $100 worth of bitcoin a year ago, that would be over 800 dollars today.

Schiller says this bubble has been partly fed by the narrava surrounding its unusual creation, as well as the creation of an anxiosis atmosphere in society.

You remember that? The mysterious figure that can or cannot be true, which has never been found”, said Scheller.

This gives a good quality to the mystery where then this clever idea of translating data into a digital code or mechanism where the transactions converted into bitcoin are recorded in public books, and somehow that idea is so powerful that governments cannot stop it. You can't fix it. It's kind of an outburst of anger at this time”, he said, among other things.

Schiller said that in the third edition of “the unreasonable majority”, he argues that “has a fundamental deep anger at this time of digitization, that people wonder what their country is in this new world. What will happen after 10, 20, 30 years, and will I have a job? Am I gonna have anything?

By giving people a tangible asset whose prices seem only to go up, Bitcoin has served as a means to heal this anxiety, Schiller explained.

Bitcoin “provide a sense of empowerment” in such an atmosphere, Schiller said.

It allows people to feel like: “The problem, of course, is that the speculative bubble generally explodes, but no one knows exactly when it explodes./Periscopi/