Are crypto assets a bubble?

Crypto assets are a bubble.

Crypto assets have the characterstic price behaviour that resembles many other bubbles and market manias throughout history. Bitcoin has been characterised as a speculative bubble by eight winners of the Nobel Prize in economics.

  • Paul Krugman
  • Robert J. Shiller
  • Joseph Stiglitz
  • Richard Thaler
  • James Heckman
  • Thomas Sargent
  • Angus Deaton
  • Oliver Hart

And by central bank officials:

  • Alan Greenspan
  • Agustín Carstens
  • Vítor Constâncio
  • Nout Wellink
  • Mark Carney

And several notable investors have also described it as a bubble:

  • Warren Buffet
  • George Soros


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