Nobel Prize-winning economist Robert Shiller’s Bitcoin Prediction: Years down the line, Bitcoin will be considered as a failed currency experiment – Bitcoin News Today – Mon Sept 24

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According to Robert Shiller, who is an economist who has won the Nobel Prize as well, cryptocurrency is not here to stay. Years down the line, Bitcoin can be considered as a false and failed the cryptocurrency experiment. This statement by him has actually sent shockwaves in the cryptocurrency world. Also, the enthusiasm of most of the cryptocurrency investors is impacted by such statements.

However, Bitcoin is steady in spite of such strong statements by him as well as by investors like Warren Buffet. The reason for this is that Bitcoin as a phenomenon is spreading globally. As a result, the buyers are global in nature.

Shiller, in the past, has been pretty accurate when it came to economic predictions. He had also warned about the housing bubble as well as the .com bubble. He also has a precdent. According to him, in the 19th century, merchants tried to replace gold standard with time backed money. However, it was shut down 3 years after the launch. Also, it was a failure. During the great depression, there was another economist by the name of John Pease Norton, who proposed that dollar in the form of electricity can be used as a currency medium. That idea also failed.

According to him, each of these ideas was due to technological advancement. However, still after the technological advancement, the idea failed. Also, most of these ideas were generated in order to instill some kind of revolution in the society. However, even though these ideas were unique and revolutionary, they did not usher in any kind of revolution. As a result, they failed eventually.

According to him, similarly, Bitcoin, as well as other cryptocurrencies, are revolutionary ideas. They will generate a significant amount of hype but they are not above the national government. As a result, they will not be able to retain their value for a longer period of time. Moreover, the normal people do not understand the concept of Bitcoin. That is why they will not be able to entirely replace the normal Fiat currency. This is the reason why in the longer term, these cryptocurrencyies will not hold a lot of value.

It remains to be seen whether the prediction of the Nobel Prize-winning economist is right or whether cryptocurrencies like Bitcoin as well as Ripple are here to stay. For now however, they are still going strong as investors pouring thousands of dollars from all over the world into what they call as cryptocurrency assets.

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