Bitcoin (BTC) will not be “a permanent feature of our lives”, according to Nobel Prize-winning economist Robert Shiller.
Speaking at the World Economic Forum in Davos yesterday, Shiller called the cryptocurrency a “really clever idea”, but argued that its underlying technology deserved more attention.
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“I tend to think of bitcoin as an experiment. It is an interesting experiment, but it’s not a permanent feature of our lives,” Shiller said, as quoted by Guardian. “We are over-emphasising bitcoin, we should expand it out to blockchain, which will have other applications.”
Shiller was on a panel, dubbed “The Crypto-Asset Bubble”, which also featured the deputy governor of Sweden’s central bank Cecilia Skingsley, Radian Partners principal Jennifer Zhu Scott and Index Ventures general partner and co-founder Neil Rimer.
During the discussion, Skingsley expressed scepticism about Bitcoin’s chances to become a legitimate currency. She argued that Bitcoin and its cryptocurrency peers “don’t meet the criteria to be called money”, adding that they “are not a very stable store of value” and “it’s not a very efficient medium of exchange”.
Scott echoed this sentiment, calling Bitcoin a “very lousy currency” and a “very lousy payment system”. However, she argued that the cryptocurrency worked as an asset.
“I don’t think bitcoin is disrupting currency or money. Bitcoin is disrupting gold,” she said.
Meanwhile, Index Ventures’ Rimer spoke about Bitcoin in a much more positive manner, calling it “one of the most audacious, generous and profound inventions” he had ever see. He also praised the progress the cryptocurrency has made since its inception just nine years ago.
“We’re nine years into this experiment. It’s gone well at times and quite poorly. It could fail completely and go to zero, but it has accomplished a number of things I think are remarkable,” he said.
In today’s trading, the Bitcoin price stood at $10,588.00, as of 11:24 GMT. The cryptocurrency has lost 6.9% of its value in the past 24 hours.