Bitcoin bubble to last 100 years?
Yale economics professor and Nobel Laureate Robert Shiller has admitted in an interview with CNBC Thursday, Jan. 18., that he now “doesn’t know what to make of Bitcoin ultimately” after earlier calling it “the best example of a bubble”. In fresh comments Thursday, several months after he told host Brian Kelly it was Bitcoin’s “story” not its value that had sparked public interest in it, Shiller told reporters “it [Bitcoin] 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,” repeating a common narrative that investment in Bitcoin is like the 17th-century Tulip Mania.
Though he admitted his uncertainty as to what Bitcoin’s fate will be, Shiller overall remains sceptical, stating: “[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.” Bitcoin’s two-day slump this week has partially recovered to challenge $12,000, making it worth over 160 percent more than when Shiller made his previous bubble claims in early September, 2017.