Schiller argues that Bitcoin will be extinct in about one hundred years. “It won’t look anything like it is today. It will have a different name, if it exists. There will have been many hard forks changing it and changing it. And it’ll be a matter of dispute whether it exists or not,” he told CNBC.
The economist and academic said, “It’s so hard to predict these things and I don’t mean to be dismissive of Bitcoin but it looks like a bubble, and it is getting people enthusiastic and they’re creating different kinds of cryptocurrencies; there are thousands and something good may come out of it.”
“The one scenario is that something like what happened after 2013 when Bitcoin topped $1,000, and then lost 80% of its value. It looked like Bitcoin was just fading away,” he added.
Schiller recently warned investors from pouring all their money into Bitcoin. “Many are having fun … don’t put all your life savings in it, that would be wrong, fundamentally,” he commented.