An interesting Bloomberg interview with Robert Shiller, Nobel economics prize winner.
Shiller’s most interesting response, when asked about the possible comparison with the 17th century tulip bubble in the Netherlands: “Tulips are still valued, there are some expensive tulips”.
He also made some other interesting observations in the Bloomberg interview:
- Bitcoin is a social movement whose popularity is split along geographical lines, it is more popular on the West Coast, Silico Valley in particular, than in the East Coast of America
- It’s an epidemic of enthusiasm
- It’s a speculative bubble, that does not mean that it will go to zero
Of course Bitcoin, along with the other cryptocurrencies, has fallen heavily over recent months as regulators around the world have increasingly taken a closer look, particularly from the perspective of money laundering.
Bitcoin is currently trading around $6,600, down from $20,000 in December 2017. Ouch.
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