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Bitcoin is an ‘interesting experiment’

by | Jan 26, 2018 | Bitcoin, Cryptocurrencies

Robert Shiller

Nobel Prize-winning economist Robert Shiller thinks bitcoin is an ‘interesting experiment’

Bitcoin has “gone viral as a currency” and its price instability is a concern, economist Robert Shiller said Thursday.

Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Shiller compared the cryptocurrency to other attempts to “change” currency.

Referring to concepts like the Unidad de Fomento — a Chilean unit of account that is constantly adjusted for inflation to maintain price stability — the Nobel Prize winner said bitcoin was “another really clever idea.”

“I tend to think of bitcoin as an experiment,” he said. “It is an interesting experiment, but it’s not a permanent feature of our lives. We are over-emphasizing bitcoin, we should broaden it out to blockchain, which will have other applications.” Blockchain is the technology that underpins bitcoin and other cryptocurrencies. It is a decentralized network that records cryptocurrency transactions.

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