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The value of Bitcoin is unusually vague and can not be valued through real-world money supply

Robert Shiller, Nobel laureate in economics, believes there is no clear way to value Bitcoin.

He told CNBC:

"I think the value of bitcoin is extremely vague."
This comment is noteworthy, especially from the mouth of a legendary economist who earned a long-standing reputation for his work during the 1987 stock market crash and the real estate bubble of 2008. He won the Nobel Prize in Economics in October 2013.

Schiller said in an interview, it is very difficult to link the base price of bitcoin, he said:

"You can only provide a ceiling for bitcoin through the value of the real-world money supply, but the ceiling is very large, so it can be anywhere from zero."
The same sentiment is also reflected in Hiller's recent article for The New York Times, who wrote:

"Bitcoin is worth more than 275 billion U.S. dollars and how can we start evaluating the basic value of Bitcoin? Any attempt to sound quickly will sound stupid."
Bitcoin prices have skyrocketed since the beginning of the year, climbing to nearly 20,000 U.S. dollars from 800 U.S. dollars in January.
Shearer cites a phenomenon that may explain the reason behind such a startling market rally. According to neuroscientists, he said, when we make choices in a stressful and ambiguous environment, the way we work in our brains is different.

"You might think educated people turn decision-making problems into something accurate ... but the brain does not seem to do that."