Nobel laureate and professor at Yale University, Robert Shiller, is tempted by the crypto market. He is mulling over 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 Prize Winner Mulls Over Getting Into Crypto
Nobel laureate Robert Shiller talked about cryptocurrency in an interview with CNBC, published Sunday. Shiller won The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2013 alongside Eugene Fama, Lars Peter Hansen “for their empirical analysis of asset prices,” The Nobel Prize’s website details. He is currently Sterling Professor of Economics at Yale University.
Shiller is concerned about the current housing market, stocks, and cryptocurrencies, stating that he sees a “wild west” mentality among investors in these markets.
Discussing the crypto market in particular, Shiller said “That’s a very psychological market. It’s impressive technology.” However, he argued that “the ultimate source of value is so ambiguous that it has a lot to do with our narratives rather than reality.”
Nonetheless, he said he has been tempted to get into crypto. The Nobel Prize-winning economist shared:
I was thinking of buying them to experience the effect. A lot of people do that actually. I never bought bitcoin. Maybe I should be active in that market.
Shiller 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 that it looks like a bubble and questioned whether the cryptocurrency will be around in 100 years. Nonetheless, he noted, “I don’t mean to be dismissive of bitcoin,” adding that something good may come out of cryptocurrency.
Meanwhile, another Nobel laureate Paul Krugman said last week that he has given up predicting the imminent demise of bitcoin, stating that “There always seem to be a new crop of believers. Maybe just think of it as a cult that can survive indefinitely.”