Bitcoin won’t last in world of finance, warns Nobel-winning economist

The Nobel Prize-winning economist Robert Shiller has stated bitcoin will not be a “permanent feature” on the monetary world, as politicians indicated that a clampdown on cryptocurrencies was coming.

Speaking in the Planet Economic Forum in Davos on Thursday, Shiller hailed bitcoin as a “really clever idea”. But though he was impressed with the technologies behind it, he was concerned that it had “gone viral as a currency”.

“I am inclined to think about bitcoin as an experiment. It is a fascinating experiment, but it is not a permanent function of our lives,” mentioned Shiller, who has previously warned that the bitcoin value could collapse. “We are over-emphasizing bitcoin, we need to expand it out to the blockchain, that will have other applications.”

Theresa Might said in Davos that she was concerned that criminals were taking benefit of digital currencies, which could be utilized to anonymously transfer funds. “In places like cryptocurrencies, like bitcoin, we ought to be taking a look at these extremely seriously,” May told Bloomberg.

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