The Nobel Prize-winning economist sees the cryptocurrency as more of a psychological experiment than a serious investment.
“I’m interested in bitcoin as a sort of bubble. It doesn’t mean that it will disappear, that it’ll burst forever. It may be with us for a while,” Robert Shiller, professor of economics at Yale University and co-founder of the Case-Shiller Index, told CNBC’s “Trading Nation“.
“To me, it’s interesting as another example of faddish human behavior. It’s glamorous,” he added.
While Shiller does not own any bitcoin, many of his students have bought them as fractions and he says many others have likely made a lot of money off their investments.
“I don’t mean to dismiss it. Some smart people went into these and other cryptocurrencies,” said Shiller, who won the Nobel Prize for economics in 2013. “But it’s a story that I think goes way beyond the merit of the idea. … It is more psychological than something that could be explained by the computer science department.”
As with most things, politics has touched this, too, said Shiller.
Eulogy made by Robert Shiller