Economy Nobel Prize winner sees Bitcoin extinction

Robert Shiller won the Nobel Prize for his work on bubbles and correctly predicted the housing crisis in the United States.

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.

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