The Nobel Prize winner, economist and ex-Yale graduate, Robert Shiller, who previously predicted that the housing market crash would take place has now said that the Bitcoin surge is likely a bubble that will soon burst in a similar manner.

He recently spoke to CNBC, in preparation for a talk that he will be giving at the upcoming World Economic Forum in Switzerland. The economist told the news agency that Bitcoin is something which does not have any value and will only do so if a common consensus is held on its value. 

Shiller drew comparisons with the popularity of cryptocurrency to that of the tulip. In Holland in the 17th-century there was a massive demand for the flower, with many rushing out to buy it, sending prices skyrocketing. However, the market for tulips later collapsed. In Shiller's eyes, the crypto craze is the modern man's answer to "Tulipmania."

Shiller noted that tulips were still bought occasionally, and sometimes at a costly price and that the same could be said for Bitcoin in the future. He went on to say that bitcoin may go on to fade from the spotlight and the market, though may still linger in the background - potentially for another 100 years or so. However, the economist ultimately deduced that he didn't really know what to make of the cryptocurrency.