July 20, 2024

Why Bitcoin rose to $ 20,000 in 2017. Robert Schiller answered

The Nobel laureate in economics explained what helped the first cryptocurrency gain worldwide fame andsoar in price two years ago.

The reason for the rise in Bitcoin prices to $ 20,000 in 2017The year is his intriguing story, said Nobel laureate Robert J. Schiller in an interview with YaleNews. The economist believes that the mystery and anarchy embedded in the idea of ​​cryptocurrency helped her gain world fame.

“One of the reasons for the success of Bitcoin is an anarchist idea,proclaiming that the government is unnecessary and not trustworthy. This is a story about how young people created a financial institution inaccessible to the government. This is a powerful story. It captivates people just like any viral video, ”the economist said.

The expert added that the element of mysteryextremely important, because people like mysterious stories, which in addition generate themselves. As an example, he cited cases when various figures claimed to be Satoshi Nakamoto, the real creator of Bitcoin. This legend can live long, Schiller emphasized.

In December 2017, Bitcoin soared to $ 20,000,setting a historical maximum value. Then, the rate of the first cryptocurrency began to decline, as a result of which it fell to $ 3200 by the end of 2018. Currently, the average market value of the main digital coin is $ 9,100.