Nobel laureates predict crash of bitcoin and urge to outlaw him
As reports to CCN, the economist and the Nobel Prize laureate Joseph Stiglitz during the television interview of Bloomberg has said that the bitcoin has to be outlawed. Next day other Nobel Prize laureate Robert J. Schiller has shared the opinion on bitcoin, having told that that will fail, similar to crash of the stock market of the USA which preceded the Great depression of 1929-1930.
Joseph Stiglitz considers that the bitcoin has to be forbidden as doesn't bear any "socially useful function" and enjoys popularity thanks to "deception and lack of regulation".
Stiglitz has given the comment at the moment when the rate of bitcoin was on record marks. According to CoinMarketCap, during material preparation the bitcoin was trading at the level of $11 739.
Stiglitz's opinion on bitcoin and cryptocurrencies has, it seems, changed since he has made a speech at an annual meeting of the World Economic Forum in the Swiss Davos, having said that the USA has to reduce step by step a turn of the American dollar and pass to use of digital currencies.
Schiller in 2014 said that cryptocurrencies — "a surprising example of a bubble". Now he has compared attractiveness of bitcoin to a plot of the mysterious and fascinating movie: the cryptocurrency tightens the people wishing to outwit system:
Bitcoin — it is so healthy. You are fast, clever and have understood what nobody else hasn't understood yet. You in a subject. And so free bitcoin from regulation and influence of the government … What wonderful history if only it was the truth!
Schiller has added that he doesn't know when and at what stage the cryptocurrency will test crash, but I have cited as an example the stock market of the 1920th. According to him, the bitcoin will grow, but we "eventually will reach 1929". He has added that the bitcoin will fail, but "won't fall in zero, and will just decrease in the price".
The economist of Yale University Robert J. Schiller has got the Nobel Prize on economy for work "Identification of market tendencies in the markets of assets" in 2013. He is known for the predictions for dotcom crash, a bubble in the housing market and also the book "Irrational Abundance" which is in detail describing these events.
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