Nobel Economics prize winner Rober Shiller spoke yesterday on Bloomberg. He slated that cryptocurrency itself is a “sham” and made some tempered remarks about Bitcoin. He doesn’t believe in the revolution that’s taken the world of digital currency by storm.
His host, Tom Keene considers that Bitcoin is a “hugely generational” concept and then follows up saying that he and Shiller are both “fossils.” Shiller then responds by saying that Bitcoin is a “social movement” and an “epidemic of enthusiasm.”
Shiller is a professor of economics at Yale University and has seen firsthand the excitement over cryptocurrency from his students. “The kids at Yale say Bitcoin rocks,” Keene states.
But then, after the Bitcoin bashing, Shiller then explains how he was surprised at its amazing ability to bounce back from lows.
“It is a speculative bubble. That doesn’t mean that it will go to zero. Speculative bubbles recur. We had a bubble in Bitcoin in 2013. It looked like it was done. It fell from $1,000 to $200. But now, look, it comes back.”
Shiller then talks about how it’s also a “generational and geographic” movement.
“The East Coast is less into it than the West Coast.”
Philly-based company Susquehanna is one of the world’s largest investment firms and recently announced its development of crypto services for top-tier customers and Goldman Sachs-backed Circle is having a huge surge of interest from institutional investors.
The New York State Department of Financial Services recently also just issued its sixth and seventh BitLicenses to both Xapo and Square in order to accommodate the huge demand for NY residents seeking out crypto and Bitcoin.
Although Bitcoin may be more present and accessible in the West, it’s becoming a global movement.
Morgan Stanely states that the UK has the highest number of registered exchanges in the world. But it only accounts for about 1% of total trading volumes.
Another report by Coinhill says that the currency most traded for Bitcoin is the Japanese Yen at 73.17% followed by the US dollar at 18.81%. Bitcoin is anything but confined to the West.
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