Nobel laureate predicted «total collapse» of bitcoin

© RIA Novosti / Vitaly to Belowaverage in Photobacterium the Nobel prize in Economics in 2013, Robert James Schiller. Archival photoNobel laureate predicted «total collapse» of bitcoin© RIA Novosti / Vitaly to Belowaverage the image Bank

Bitcoin is waiting for a total collapse and a sharp increase in the value of the cryptocurrency is reminiscent of the «Tulip fever», in an interview with CNBC, said the Nobel laureate in Economics Robert Shiller.

The economist is sure that bitcoin will have real value, until society comes to a consensus regarding its price. «Other assets like gold have a price, even if people do not consider them for investment,» — said the expert.

«The situation reminds me of «Tulip mania» in the Netherlands in the 1640’s. We still pay for tulips and sometimes a lot. Bitcoin may crash and everything about it will forget, this is a very likely outcome. However, up to this point may take a lot of time even 100 years,» — says Schiller.

«Tulip mania» is called the hype around the Tulip bulbs that arose in the years 1636-1637 in the Netherlands and led to an economic crisis.

In December, the bitcoin exchange rate reached 20 thousand dollars, and the total capitalization of the cryptocurrency exceeded 330 billion. In January, the bitcoin has started to become cheaper, now the cryptocurrency is trading close to $ 11 thousand dollars.

Robert Shiller received the 2013 Nobel prize in economic Sciences for his «contribution to the empirical analysis of asset prices», received wide acclaim after the release of the book «Irrational exuberance» on the nature of economic bubbles.