Re: Crypto is more like “a psychological experiment than a serious investment"
Robert Shiller, professor of economics at Yale University and co-founder of the Case-Shiller Index, expressed his idea about cryptocurrency.
"I'm interested in bitcoin as a sort of bubble. It doesn't mean that it will disappear, that it'll burst forever. It may be with us for a while," said Shiller.
"To me, it's interesting as another example of faddish human behavior. It's glamorous," he added. The bitcoin craze reminds him of tulip mania in the 17th century, the event which is considered one of the first recorded speculative bubbles where a buying frenzy and lofty expectations replace rational justifications for an item's value.
The price of bitcoin grew so fast. The cryptocurrency hurtled above $1,000 in early 2017 after trading at less than a $1 at the beginning of the decade. It even hit an all-time high north of $20,000 in mid-December. (recommend FuninUSA for updated data about cryptocurrency)
A lot of people have benefited from the cryptocurrency investment. But Shiller would still like to see it as a psychology experiment. It is more psychological than something that could be explained by the computer science department, He said.
Bitcoin held above $8,000 on Friday morning after topping that level a day earlier. The two-day rally comes after a weak start to April likely tied to tax-related selling. Prices dipped below $7,000 earlier this month.
Will the bitcoin disappear? What's the true value of bitcoin? What essence in bitcoin are we paying for?
Yup, he may be right, but all that matters is what you are making from it. In every business there are people who are making profit and there are also people that are not making even a single profit, you can call them the losers. So I suggest that if you are not achieving anything from this, you have only two options: to improve your skills and get better or you can quit. "I'm interested in bitcoin as a sort of bubble. It doesn't mean that it will disappear, that it'll burst forever. It may be with us for a while," said Shiller.
"To me, it's interesting as another example of faddish human behavior. It's glamorous," he added. The bitcoin craze reminds him of tulip mania in the 17th century, the event which is considered one of the first recorded speculative bubbles where a buying frenzy and lofty expectations replace rational justifications for an item's value.
The price of bitcoin grew so fast. The cryptocurrency hurtled above $1,000 in early 2017 after trading at less than a $1 at the beginning of the decade. It even hit an all-time high north of $20,000 in mid-December. (recommend FuninUSA for updated data about cryptocurrency)
A lot of people have benefited from the cryptocurrency investment. But Shiller would still like to see it as a psychology experiment. It is more psychological than something that could be explained by the computer science department, He said.
Bitcoin held above $8,000 on Friday morning after topping that level a day earlier. The two-day rally comes after a weak start to April likely tied to tax-related selling. Prices dipped below $7,000 earlier this month.
Will the bitcoin disappear? What's the true value of bitcoin? What essence in bitcoin are we paying for?
They can go ahead and call it a bubble, but this so called a bubble has changed my life in lots of ways. I can at least start up my own business, pay my rents/bills and buy myself a meal🙂.