Bitcoin is waiting for a “complete collapse”, even if …
Bitcoin is in for a “complete collapse” even if it lasts 100 years – Robert Schiller
Nobel laureate Robert Schiller has no doubts that Bitcoin will crash, although he finds it difficult to indicate a specific time frame.
Schiller, a professor of economics at Yale University who won the Nobel Prize in economics in 2013, told CNBC that bitcoin is likely to face a “complete collapse” after which it will be forgotten, although before that the cryptocurrency may last a hundred years.
“All of this reminds me of tulip mania in Holland in the 1640s. The question is whether there was a collapse [of tulips]. We continue to pay for them even now, and sometimes they become more expensive. [Bitcoin] can expect a complete collapse, and then everyone will forget about it. I think this is a very likely outcome, but it can last quite a long time, it can last for 100 years, ”said Schiller..
Talking about tulip bulbs, a well-known comparison made last year by JPMorgan CEO James Dimon, who later regretted his words, Schiller noted that bitcoin has no value other than that which is bestowed on its users, which distinguishes cryptocurrencies from gold and other exchange commodities.
“He will not have any value at all, unless a general agreement is reached on the existence of this value. Other things, like gold, will have a certain value, even if people do not want to consider them as an investment, ”he added..
Note that this is not the first time Schiller has criticized Bitcoin. So, in 2014, he called Bitcoin “an adorable example of a bubble”, adding that the emergence of cryptocurrencies heralds a return to “times of trouble.” He later said that bitcoin “could have a wonderful history if only it was true”, and suggested that even if the cryptocurrency rate did not instantly collapse to zero, over time it would significantly “drop”.
At the end of December, Schiller said that the price of bitcoin is an “undefined value” that lies between zero and the value of the entire money supply in the world..
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