Nobel prize-winning economist Robert Shiller says he is considering being “active” in the market of cryptocurrency.
Shiller, a professor at Yale University, told CNBC in an interview that he sees a “wild west” mentality in crypto-assets investors. He called crypto a “very psychological market,” but noted Bitcoin and other cryptoassets comprise “impressive technology.”
Despite being bullish on the tech underlying cryptoassets, Shiller called the source of Bitcoin’s value “ambiguous” and said it was more related to “our narratives rather than reality.”
The Nobel laureate told CNBC he was still tempted to enter the market of crypto.
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 a history of Bitcoin skepticism, calling the cryptoasset the best example of “irrational exuberance or speculative bubbles” in 2017.
Shiller won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2013 alongside Eugene Fama and Lars Peter Hansen for their “empirical analysis of asset prices.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.