World famous economist Robert Shiller thinks Bitcoin is going to collapse totally. He adds, but that is not going to happen for about 100 years. Robert James Shiller is an American Nobel Laureate, economist, academic, and best-selling author.
The Yale University senior professor said that these “economic bubbles” are everywhere, not just in Bitcoin. And sooner or later, all of them are going to burst. He’s unsure of what to make of the Bitcoin ultimately. He added that it reminds him of Tulip mania of Holland that happened in the 1640s. Something similar is going to happen to the Bitcoin bubble.
Ahead of World Economic Forum, Shiller gave an interview for CNBC in which he expressed: “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. It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. (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.”
Tulip Mania in Holland
Tulip craze in Holland resulted in its price spike by a huge margin. That consequently resulted in a crash of that market in 1637. Some economists like Paul Donovan have agreed with Shiller’s comparison of Bitcoin with Tulip Mania of Holland. In conclusion, another senior economist has come out in opposition to Bitcoin in long term.