[Bitcoin Now] Nobel Economics Laureates Say "Cryptocurrency Has No Value"

Professor Robert Shiller: "Cryptocurrency Prices Are Driven by Crowd Psychology"
Professor Paul Krugman: "Similar to Multi-Level Marketing Scams"
Elon Musk Unable to Change the Trend... Dogecoin Posts See 13.39% Plunge on the 23rd

▲ Robert Shiller, Yale University Professor

[Asia Economy Reporter Gong Byung-sun] As the leading cryptocurrency Bitcoin briefly fell below 40 million won, Nobel laureates in economics have criticized cryptocurrencies. Renowned economists such as Robert Shiller, a professor at Yale University, and Paul Krugman, a professor at the City University of New York, have repeatedly pointed out that cryptocurrencies have no value.

According to the US economic media CNBC on the 24th, Professor Shiller said in an interview on the 22nd (local time), “The value of cryptocurrencies is very ambiguous, and their prices are influenced not by intrinsic value but by crowd psychology,” adding, “The cryptocurrency market is closely related to psychology.” Earlier in 2013, Professor Shiller was awarded the Nobel Prize in Economics for behavioral economics, which integrates psychology into economics.

Another Nobel laureate, Professor Krugman, also criticized cryptocurrencies. On the 21st, Professor Krugman wrote in a column for the US New York Times (NYT), “Bitcoin was created to serve as a currency, but it still fails to fulfill that role,” and “Investment in Bitcoin, which has no utility, is simply because its price is rising, and this is similar to a pyramid scheme.”

Regulations on the cryptocurrency market are also being imposed overseas. On the 21st, Liu He, Vice Premier of China, stated at the State Council Financial Stability and Development Committee, “Bitcoin poses a threat to the entire financial system,” and “Bitcoin transactions and mining will be cracked down on.” The US is also preparing cryptocurrency regulations. On the 20th, the US Treasury Department proposed a regulation requiring mandatory reporting to the IRS of cryptocurrency transactions exceeding $10,000 (approximately 11.27 million won). The US government’s goal is to investigate money laundering and tax evasion.

As these criticisms and regulations emerge amid the recent sluggish cryptocurrency market, investor anxiety is growing. According to the domestic cryptocurrency exchange Upbit, as of 2:51 PM on the 24th, Bitcoin was recorded at 42.32 million won, down 0.61% compared to the previous day. Earlier that day at 1:39 AM, it had fallen to 39.33 million won. This is the first time Bitcoin has recorded a price in the 30 million won range since February 5.

Meanwhile, Elon Musk, CEO of Tesla, who had an enormous influence on the cryptocurrency market, has also failed to change the trend. On the 23rd, Musk posted a picture on Twitter depicting Jesus holding a dog and a woman kneeling in front of him. Although the dog was not the Shiba Inu, the mascot of Dogecoin, investors interpreted Musk’s post as support for Dogecoin. Nevertheless, Dogecoin did not rebound. On the 23rd, Dogecoin fell by 13.39%. Earlier this month, thanks to Musk’s supportive actions, Dogecoin surged from the 300 won range to 889 won.

This content was produced with the assistance of AI translation services.