The Nobel Prize winner and Yale University professor, Robert Schiller, is wooed by the crypto market. He is considering investing in cryptocurrency to experience the market. “I never bought bitcoin. Maybe I should be active in that market,” he said.
Yale professor and Nobel laureate consider entering crypto
Nobel Prize winner Robert Schiller talked about cryptocurrency in an interview with CNBC published on Sunday. Schiller won the Sveriges Riksbank Prize in Economic Sciences in memory of Alfred Nobel in 2013, along with Eugene Fama, Lars Peter Hansen, “for his empirical analysis of asset prices,” the Nobel Prize website details. He is currently a Sterling Professor of Economics at Yale University.
Schiller is concerned about the current housing market, stocks and cryptocurrency, adding that he sees a “wild west” mentality among investors in these markets.
Specifically discussing the crypto market, Schiller said, “It’s a very psychological market. It’s impressive technology.” However, he argued that “the ultimate source of value is so vague that it has much more to do with our narratives than reality.”
However, he said that he has been tempted to join crypto. Nobel Prize winning economist shared:
I was thinking of buying them to experience the effect. A lot of people actually do this. I never bought bitcoin. Maybe I should be active in that market.
Schiller has always been a bitcoin skeptic. In 2017, he said that the best example of “irrational exuberance or speculative bubbles” was bitcoin. In 2018, he said it looked like a bubble and questioned whether cryptocurrency would happen in about 100 years. Still, he said, “I don’t mean to dismiss bitcoin,” adding that there might be something good to do with cryptocurrency.
Meanwhile, another Nobel laureate Paul Krugman said last week that he had stopped predicting the imminent demise of bitcoin, by stating That “there always seems to be a new crop of believers. Perhaps think of it as a creed that can survive indefinitely.”
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