Nobel Laureate Economist says Bitcoin Could be History in 100 years
According to Robert Shiller, a Yale University Economics Professor, Bitcoin (BTC) might cease to exist in the next 100 years.
The 2013 Nobel Prize winner in Economics made this prediction on a recently televised chat with the news agency CNBC. He listed a few scenarios which could prove fatal for Bitcoin but said that the predictions are, after all, predictions and that it is hard to know the future of the cryptocurrency.
Mainstream investors such as Charlie and Warren Buffet have talked about BTC on many occasions. Buffet even went ahead and declared once that the entire market of cryptocurrencies would meet a bad end.
Robert gave many reasons as to why he has made the predictions.
To start with, he commented on the sheer number of hard forks in Bitcoin by saying:
“There will have been many hard forks changing it and changing it. And, it’ll be a matter of dispute whether it exists or not.”
With over 40 recorded Bitcoin hard forks, the most popular one being Bitcoin Cash, the cryptocurrency is always changing. According to a recent report, many of these forks have shown a poor performance. Shiller has predicted that more Bitcoin hard forks would come up in the future which would congest the identity of the cryptocurrency. He said:
“Bitcoin won’t look anything like it is today. It will have a different name if it exists.”
Shiller has referred to the cryptocurrency as a “bubble” multiple times in the past. It isn’t too rare to find mainstream finance experts to find the BTC market to be a bubble. Shiller identified a scenario wherein BTC could face a massive decline leading to the burst of the bubble. He said:
“The one scenario is that something like what happened after 2013 when bitcoin topped $1,000 and then lost 80 percent of its value. It looked like bitcoin was fading away.”
While he has proven himself to be adept at identifying bubbles—including the housing and the dot-com bubble, the burst of which he predicted years before the actual happening—he isn’t confident about his doomsday prediction for the cryptocurrency.
“I don’t mean to be dismissive [but] it [Bitcoin] looks like a bubble. It’s getting people enthusiastic, and there are making different kinds of cryptocurrencies. There are thousands of them now. Something good may come out of it.”
Follow us on Telegram!