web3/claims/is-bubble.md

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

References

• [@blanchard_bubbles_1982]
• [@caferra_bitcoin_2021]
• [@fry_negative_2016]
• [@tonelli_internet_2022]