Bitcoin (BTC) will eventually die: Nobel Prize-winning economist Robert Shiller gave interesting but pessimistic remarks which shatter Bitcoin’s price fundamentals. The Bitcoin price bull-run seems to have paused after increasing skepticism from economist and technical analysts; they continue revealing bearish outlooks for Bitcoin in both the short and the long-run.
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Robert Shiller – who is a famous economist and early predictor of both the dot-com bubble and the housing crash, has revealed that Bitcoin will eventually die either in the next few quarters or a hundred years from now.
He thinks that Bitcoin is akin to all other monetary forms that failed after being short lived.
“Practically no one, outside of computer science departments, can explain how cryptocurrencies work. That mystery creates an aura of exclusivity, gives the new money glamour, and fills devotees with revolutionary zeal.” Shiller wrote
Robert Shiller Gives Two Scenarios for Potential Crash
The Economist has presented two compelling and meaningful scenarios for the world’s leading cryptocurrency.
The first scenario is Bitcoin could change its entity entirely if it exists 100 years from now. Shiller believes that increasing innovations in blockchain technologies and digital coins could completely change its existing features in the following decades.
“Bitcoin won’t look anything like it is today. It will have a different name, if it exists,” Shiller said Tuesday on CNBC’s.
Bitcoin price could crash significantly in the short-term, according to Robert Shiller’s second scenario. He thinks Bitcoin price could lose 80% of its value in the coming days, as its charm is fading away and people are starting to ignore it.
Nevertheless, It’s a Bubble
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Like many other big names in the global financial sphere, Robert Shiller also calls Bitcoin a “Bubble”, meaning it will eventually have a bad ending. The response to Shiller’s claim was mixed. Bulls, however, doesn’t believe in Shiller’s theory. They claim the economist’s theory is too vague considering the requirement of a long time-frame. Bulls also want more explanation regarding the factors that could kill Bitcoin price by 80% in the short-term.
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