Nobel Prize-winning economist Robert Shiller spoke with CNBC earlier
- Reminds him of tulip mania in the Netherlands
- There are bubbles everywhere, not just in Bitcoin
- Doesn't know what to make of Bitcoin ultimately
- "It has no value unless there is some common consensus that it has value"
Some comments there from Shiller, who is also the co-founder of the Case-Shiller house price index if you're wondering.
Well, beauty/value lies in the eye of the beholder - and if the market sees fit for Bitcoin to continue for the next 100 years, it will continue for the next 100 years. I reckon his comparison of value is more related to commodities, but then again, how many gold traders actually trade gold for its value and not as an investment (speculation)?
Anyway, Bitcoin has been relatively "stable" today. The bounce yesterday sees buyers take it to the 100-hour MA, but so far it's been rejected and we've been trading nearby since. Sentiment remains bearish unless buyers can clear the 100 and 200-hour MAs.
Earlier, the PBOC announced that they are instructing payment institutions to stop providing services for cryptocurrencies here. But so far, it has failed to rattle Bitcoin and other cryptocurrencies on the day.
