On 26th June the Nobel Economics prize winner Robert Shiller told Bitcoin (BTC) is a social movement according to him that runs along “generational and geographic” lines.
“The East Coast is less into it than the West Coast. Silicon Valley is really into it… It’s a social movement. It’s an epidemic of enthusiasm. It is a speculative bubble. That doesn’t mean that it will go to zero.”
Professor of Economics Mr. Shiller who teaches as a Professor at Yale, said that clearly demographics of cryptocurrencies and especially of Bitcoin suggested that the popularity of bitcoin will never reduce to a rational response to new information.
On another hand, their recognized that there are some computer scientists who say that there is “impressive cryptographic theory” in the emerging crypto world and industries, he answered that due to the great investors’ excitement the crypto innovations are drawing excessive attention over cryptocurrencies people are “getting rich quickly”.
“Do you know what’s going on inside your laptop? There are millions of interesting stories about brilliant engineering devices… but we don’t hear about them. That’s because they’re not part of a bubble.”
According to Shiller, if the ‘’bubble’’ temporarily bursts the status of cryptocurrencies it will not compromise their ability and capability to recover it multiple times.
Shiller said in a very casual way that “tulips are still valued, there are some expensive tulips.” here he is referring to BTC who was declined from 87% in November 2013 – moreover it is famous because of its up and down in market as its trending in crypto world.
Therefore Shiller suggested that Bitcoin’s status is “remarkable social phenomenon” whatever the comparison we’ll do the leaves it’s our future silence as it will have historical speculative bubbles may seem to imply.
In general, the cryptocurrencies the Bitcoin is indeed continuously enjoying its afterlife repeatedly proclaiming the death of BTC.
Robert Shiller says:
“Meanwhile, a fine-grained demographic analysis of the cryptocurrency user base that would convincingly confirm or refute Shiller’s intuitions as to the social determinants of the crypto sphere remains to be undertaken”.
The highly proportioned crypto owners among so-called ‘Millennials” and “Generation X” pointed by “Two surveys by Finder and LENDEDU into cryptocurrencies in the US”.
It, however, sampled to ensure the accuracy if scaled and the findings would be representative neither to survey appears to have weight.