Robert Shiller offers his take on bitcoin’s rise


TRISH: WARNING HERE AGAINST CRYPTOCURRENCIES. ECONOMIST ROBERT SCHILLER SAYS ABOUT SAYS BITCOIN AND OTHERS ARE FOLLOWING A FAILED PATH BY ALL MONETARY DEVIATIONS. NEW DOES NOT ACTUALLY EQUAL BETTER. HE JOINS ME RIGHT NOW. SO GOOD TO SEE YOU, PROFESSOR SCHILLER.>>MY PLEASURE, TRISH. TRISH: THANK YOU. YOU HAVE AN INTERESTING PIECE ON THIS. WALK US THROUGH YOUR PREMISE. WHY IN YOUR VIEW, WHEN SO MANY ARE EXCITED ABOUT BITCOIN AND TECHNOLOGY IT OFFERS ARE YOU SAYING, OKAY YOU GUYS ARE GETTING A LITTLE CARRIED AWAY HERE?>>YEAH, ISN’T IT KIND OF AMAZING HOW MUCH ENTHUSIASM THERE IS FOR BITCOIN OR OTHER CRYPTOCURRENCIES? I’VE BEEN READING HISTORY, I FIND THIS ISN’T THE FIRST TIME THAT SOME KIND OF NEW MONEY WAS PROPOSED AND GOT CELL LOWS FOLLOWERS. THERE IS A MYSTIQUE TO MONEY. CHILDREN WILL ASK, LITTLE PIECES PAPER, WHY DO PEOPLE TAKE IT? THEY TAKE IT BECAUSE OTHER PEOPLE WILL TAKE IT. THERE IS SOME SORT OF FAITH OR BELIEF IN IT. WE COULD JUST AS WELL HAVE IT WORTHLESS. SOMEHOW IT ISN’T. IT IS WORTH A LOT. TRISH: U.S. CURRENCY, RIGHT?>>YEAH, I MEAN, SOMEHOW CURRENCY PSYCHOLOGICALLY IMPORTANT PART OF OUR LIVES. IT IS, WELL, NATIONS ATTACH THEIR NAME TO IT. THE EUROPEAN UNION CREATED THIS EURO CURRENCY. I THINK IT WAS A BID TO ESTABLISH CONNECTIONS BETWEEN THE DIFFERENT COUNTRIES, MAKE THEM FEEL LIKE ONE COUNTRY. SO IT IS SO IMPORTANT TO OUR PSYCHE, THAT ANYONE WHO WANTS TO PRODUCE A NEW IDEA, TRIES TO LINK IT SOMEHOW TO A NEW KIND OF MONEY. TRISH: HMMM. BUT, BUT, YOU DON’T SEE THIS GOING ANYWHERE, RIGHT? YOU SEE BITCOIN — I TALK TO LOTS OF PEOPLE. IT IS REMARKABLE, IT IS CRAZY WHAT IT CAN DO IN TERMS OF EASE OF PAYMENTS GOING FORWARD. WESTERN UNION, GOOD-BYE. IT WILL COST TINY FRACTIONS WHAT IT ONCE COST TO GET MONEY ALL OVER THE WORLD. IT COULD CHANGE THE CREDIT CARD INDUSTRY. BUT YOU DON’T SEEM TO BELIEVE SO. HOW COME?>>WELL, I DON’T THINK THAT COST OF DOING A TRANSACTION IS THAT EXCITING. WHAT IS IT THAT EXISTS PEOPLE? I THINK IT HAS SOMETHING TO DO WITH OUR POLITICAL SIDE. THE REALLY CRITICAL FEATURE OF BITCOIN IS THAT IT DOESN’T DEPEND ON A GOVERNMENT. AND IN FACT THERE ARE CLAIMS GOVERNMENT CAN’T CONTROL IT. IT IS LIKE WE’RE ESTABLISHING A NEW COMMUNITY OF COSMOPOLITANS WHO ARE JUST SMARTER THAN THE GOVERNMENT. PART OF THE STORY IT IS SO HARD TO UNDERSTAND. ONLY REALLY SMART PEOPLE GET IT. AND THEN PART OF IT IS, THAT IT IS INDEPENDENT AND FREE SPIRIT. IT IS CREATING A NEW, YEAH, I WOULD SAY COMMUNITY. TRISH: SO THAT IS THE REASON WHY PEOPLE LIKE IT. AND THAT IS WHERE THE EXCITEMENT — I UNDERSTAND ALL THAT. AND THERE HAVE BEEN VARIOUS TYPES, I HAVEN’T INVESTED IN THIS STUFF AT ALL, I HAVE BEEN KIND OF EXCITED ABOUT IT TOO IN TERMS OF ITS POTENTIAL BUT WHERE DOES THAT POTENTIAL BREAK DOWN IN TERMS OF NOT BECOMING A REALITY, ROBERT?>>WELL, IT IS A REALITY. IT IS HUNDREDS OF BILLIONS OF DOLLARS. YOU KNOW, I DIDN’T — TRISH: YOU DON’T THINK IT WILL SUCCEED?>>WELL, WE HAVE THOUSANDS OF CRYPTOCURRENCIES. THEY’RE NOT ALL GOING TO SUCCEED. IF ANY OF THEM SUCK — SUCCEED. IT IS POSSIBLE, THAT THEY HAVE ALREADY SUCCEEDED — TRISH: ULTIMATELY WHY WOULD YOU SAY ABOUT IT COIN IS A BUBBLE?>>WELL, THAT WASN’T MY THING TO PREDICT HOW IT WILL UNRAVEL BUT I CAN GIVE EXAMPLES OF OTHER KIND OF NEW CURRENCIES THAT HAVE UNRAVELED IN THE PAST. I THINK THAT IT IS KIND OF A LOSS OF HOPE IN THE STABILITY OR THE WILLINGNESS OF PEOPLE. IT’S STILL, ALL OF THESE CURRENCIES ARE STILL MAINTAINED LARGELY BY SPECULATORS. WE DON’T BUY AND SELL VERY MUCH IN TERMS OF CRYPTOCURRENCIES. IT HASN’T HAPPENED YET. SEE WHAT HAPPENS, THIS IS HOW MONEY WAS INVENTED. PEOPLE WANTED TO TRADE AND GOLD OR SILVER TURNED OUT TO BE VERY CONVENIENT BECAUSE THEY HAVE A LOT OF VALUE PER OUNCE. AND THEN SOME GOVERNMENTS IN LYDIA, REMEMBER THIS IN THE 7th CENTURY BC, SAID, WHY DON’T WE MAKE COINS SO PEOPLE DON’T HAVE TO MEASURE IT OUT AND WEIGH THEM? THAT WAS VERY PRACTICAL AND IT IS STILL WITH US. LAST FOR HUNDREDS OR THOUSANDS OF YEARS. TRISH: I COULD TALK TO YOU ALL DAY. I WOULD LOVE TO TALK ABOUT 7th CENTURY BC. I AM GETTING A LITTLE BIT AFTER CUE HERE. WE’RE BEYOND DOLLAR BILLS OURSELVES. ONE OF THE IMPORTANT POINTS YOU ARE MAKING, OFTEN THE CONFIDENCE, THE GOVERNMENT BEHIND THE CURRENCY IS BIG PART PSYCHOLOGICALLY. THE QUESTION CAN YOU MAKE THE LEAP INTO SO-CALLED COMMUNITY THAT HAS NO GOVERNMENT. MR. ROBERT SCHILLER, PROFESSOR

45 thoughts on “Robert Shiller offers his take on bitcoin’s rise”

  1. this dude know 000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000!!!!!!!!!!!!!!!!!!!!

  2. wow he did not get a really big point across.. yeah dude we know money is fake.. but atleast crypto doesn't have trillions of dollars of debt attached while simutaneosly can be taken by the gov any moment they wish.. crypto is fake money but it's less fake than what our economy is based on.

  3. AMERICA IS LED BY THE NOSE BY STUPID PEOPLE PRETENDING TO BE SMART…(DEMS MOSTLY) THIS IS WHY TRUMP IS LOVED HE DOESN'T PRETEND TO BE INTELLECTUAL BUT HE GETS SHIT DONE!
    BITCOIN ISN'T GOING ANYWHERE! TESLA/MUSK ON THE OTHER HAND IS FUUUUUUUUUUUUCKED!

  4. This crypto craze is only just beginning, You'd be crazy to think other wise! That's why I love the fact that I can still pull in hundreds of dollars a day and only work a few minutes a day. When you've got the best thing out there, it all becomes a reality. Join me … you'll quickly see how possible this all really is: see how I do it here https://bit.ly/2KtXkXg

  5. So the bitcoin master created bitcoin because he doesn’t like fiat American $, so bitcoin master creates a far more superior currency, but bit coin master wants you to buy his bitcoins with your “ stupid fiat $”

  6. Can somone give me a bitcoin i cant pay my rent this month and i work 60hrs a week all because the car i got a loan for to get to work broke down and i had to buy another …

  7. THESE OLD PEOPLE ARE STUPID AND DONT EVEN UNDERSTAND THE TECH! BUFFET ONLY OWNS ONE TECH STOCK AND YET TECH HAS BOOMED, THESE OLD DOGS HAD THEIR DAY ITS TIME TO PASS THE TORCH!

  8. Lol the Yale's clone of Yale's Skull and Bone John Kerry from the very same place but probably mass produced and too dumb to join a proper secret society from the place that just honored Clinton for losing badly and still ranting about it, sure is a trustworthy voice here. I mean, it never happens that people like Soros and Buffet lie about Bitcoin in public while buying it in private, right? The guy called Bitcoin "scam, money for tyrants" and other nasty name while owning 30% of Overstock just because is senile, just an accident, he wasn't trying to collapse the market like he always did in the last 30 years, right? And a place famous for educating crooks that destroy nations and gives award to total losers sure is where i was waiting for a financial advise. If i want to die poor and dumb.
    Glad she isn't buying into this at all. She knows more about Bitcoin than him and is practically laughing in his face. Smart girl.

  9. Suppose we start off with 1000 bit coins and the first person buys all of them, each for $1.

    Now a 2nd person wants a bitcoin and he buys one for $1000.

    Does this mean the 1st person is now a millionaire ($999,999)?

    And if the 2nd persons sells his for 1 cent, does this mean the first person is broke ($9.99)?
    And if the Fed prints money all the while, it is only $6.66?

  10. Gold and silver still around blah blah 😴 Just another old fart stuck in the past with no real negatives to point out about bitcoin.

  11. The cost of a transaction is not exciting??? How much is the banking industry worth? Is that not their entire business model the the cost of transactions? But cryptocurrency sidesteps the s*** out of that it makes everything super fast cheap and they don't see the value in that yeah😂😂😂😂😂😂😂😂😂😂😂😂😂😂

  12. You can give other examples of failed currencies? Ones that have proven technology behind them? Like which one? What's the technology behind the dollar? The printing press? What a fool! 😂

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  14. The ability to prove record and transact peer to peer is the principal function of cryptocurrencies like bitcoin.

    The fiat currencies of the worlds is a form of IOU representing debt controlled by central banks and respective governments.
    They can devalue and bebase their currencies at any point as we have seen with the many financial crises throughout history.

    Crypto is all uniting and global with the ability to check and prove on a public ledger the value and history of transactions. This will reduce fraud significantly and eliminate the need for trust.

    Crypto also has the ability to be programmed (smart money) and can self execute and be used in dynamic ways that will fit our modern technologically advancing society.

  15. I’d say the reporter doesn’t know what she’s talking about – like most people who talk about crypto

  16. I think bitcoin will work if the technology can handle all these people without detonation!!! Lol

  17. The second you see an old dude on Fox business you discover real quick that nothing said in the video matters

  18. Schiller had no insight. The reporter asked the right questions and tried to stir him in the right direction.

  19. -so this propagandas bitch is trying to make him agressively attack crypto but she fails misserably

  20. – hahah fuck you fox , your propaganda is transparent , maybe you should find smarter presenters, too bad you are in USA

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