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Bitcoin will likely "Totally Collapse"
The Nobel Prize-winner economist, Robert Shiller said Bitcoin will likely Totally Collapse, in an interview with CNBC, ahead of the World Economic Forum in Davos, Switzerland.
Robert Shiller is a professor at Yale University and has years of experience in the economic matters.
Talking to CNBC, Shiller he said that the kind of rage he sees of Bitcoin today, reminds him of the "Tulip Mania" that took place in Netherlands.
Adding on, Shiller said that Bitcoin is not the only Bubble, as there are "Bubbles Everywhere". The economist told that he "doesn't know what to make of Bitcoin ultimately".
"It has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn't see it as an investment"
- Robert Shiller
Bitcoin reminds him of "Tulip Mania"
The Nobel Prize-winner told CNBC that the growth of Bitcoin reminds him of the "Tulip Mania".
"Tulip Mania" is the period in Netherlands during which Tulip prices soared to humongous heights, before they all came crashing down in Feb 1637. Many historians and economists refer to it as the first speculative bubble.
"It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. (Bitcoin) might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years."
- Robert Shiller