Nobel prize-winners Joseph Stiglitz and Robert J. Shiller have come down hard on bitcoin.
Stiglitz opined that bitcoin should be outlawed because it offers no “socially useful function”. Meanwhile, Shiller said that bitcoin’s popularity and subsequent price rises are derived largely from the same satisfaction that people get from watching a murder mystery – the chance to outsmart the system. Shiller added that while he does not know how high bitcoin will go, it “will reach a 1929 eventually”, referring to the Great Depression. Shiller and Stiglitz’ remarks coincide with bitcoin storming towards $12,000 after briefly dipping as low as $9,000 early last week just hours after it broke past the $10,000 milestone.
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