Economist Robert Shiller warns of imminent collapse of cryptocurrency

The enthusiasm among fans of the cryptocurrency is not quenched despite the warnings of well-known economists. Robert Shiller has already predicted the dot-com bubble and the crisis of the housing sector in 2008. This time he voiced a few negative remarks in the direction of Bitcoin, according to CNBC.

The fall of Bitcoin is inevitable

Nobel laureate believes that cryptocurrency is another failed economic experiment. According to him, such projects appear in the economy since the 19th century. For example, during the great Depression, economist John Pease Norton has offered to issue a dollar that is backed by electricity. The idea fell through.

Each of these innovations was carried out with a unique technological breakthrough. However, the desire to change something in the global economy have more to do with traction to revolutionary changes in the society.

The economist also noted that Bitcoin attracts inexperienced investors due to its “mystery”.

Almost no one, except the experts in the IT field, can not accurately explain how the cryptocurrency. This creates around them a certain aura of mysticism. The pour oil on the fire of revolutionary sentiment to overthrow the established order in the banking sector.

Public excitement around Bitcoin is also linked to its sharp rise in price. Recall, the world’s first cryptocurrency was worth about $ 20,000 at the end of 2017. In the first quarter of this year Bitcoin has lost nearly half its value.

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