Bitcoin has “gone viral as a currency” along with also its cost instability will be a concern, economist Robert Shiller said Thursday.
Speaking at the globe Economic Forum (WEF) in Davos, Switzerland, Shiller compared the cryptocurrency to some other attempts to “change” currency.
Referring to concepts like the Unidad de Fomento — a Chilean unit of account that will will be constantly adjusted for inflation to maintain cost stability — the Nobel Prize winner said bitcoin was “another definitely clever idea.”
“I tend to think of bitcoin as an experiment,” he said. “that will will be an interesting experiment, although that will’s not a permanent feature of our lives. We are over-emphasizing bitcoin, we should broaden that will out to blockchain, which will have some other applications.” Blockchain will be the technology that will underpins bitcoin along with also some other cryptocurrencies. that will will be a decentralized network that will records cryptocurrency transactions.
Shiller said the globe should be looking to mimic Chile’s Unidad de Fomento instead.
numerous critics have slammed the globe of digital currencies recently over concerns of its volatile nature along with also of illegal activities associated with that will — along with also the fact that will that will will be near-impossible to regulate.