# Crypto assets are a bubble
Crypto assets have the characterstic price behaviour that resembles many other [bubbles](../concepts/bubble.md) and [market manias](../concepts/madness-crowds.md) throughout history.  Bitcoin has been characterised as a [speculative](../concepts/speculation.md) 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

## References
* [@blanchard_bubbles_1982]
* [@caferra_bitcoin_2021]
* [@fry_negative_2016]
* [@tonelli_internet_2022]