Robert Shiller, the Nobel Prize-winning economist, has said that he thinks bitcoin will collapse. He added that the current cryptocurrency craze reminds him of what was dubbed 'tulip mania' in the Netherlands, hundreds of years ago. In the 17th century, the price of tulips rocketed resulting in a market crash in 1637.

The 71-year old academic and best-selling author also said that he doesn't know what to make of the current market. He also disagreed with the fact that bitcoin has been likened to gold, commenting that unlike bitcoin, gold would still have value even if the world didn't view it as an investment.

He concluded his commentary by explaining that bitcoin is likely to collapse and easily be forgotten about but he also noted that it could still be here in 100 years.

Winner of the Nobel Prize for Economics in 2013, Shiller made these comments before the plummeting prices earlier this week, yet he is not the first person to liken to bitcoin craze to 'tulip mania' as UBS wealth management division's Paul Donovan, has previously agreed. What's more, Jamie Dimon, CEO of J.P Morgan previously described bitcoin as a fraud and Warren Buffett, Berkshire Hathaway CEO stated that the digital currency market will have a bad ending.