Robert Shille, the American Nobel Laureate, economist, academic, and best-selling author, stated that in his opinion the bubbles are everywhere, and he doesn’t know what to think about Bitcoin or other digital currencies. The professor at Yale University also likened the current bitcoin explosion to the 1640’s tulip mania, which saw the trading price of bulbs and flowers rise to never before seen highs, before plummeting. However, the 71-year old did say that Bitcoin could also survive – and may still be around in hundreds of years.

In addition to this, Shille argued that Bitcoin had no value unless there was common consensus that it did. Responding to other experts who have likened the virtual currency to gold, he also explained that gold would still contain value even if it was no longer viewed as an investment.

This latest comment on the bitcoin market comes after the price of the digital currency fell by almost 50% last week. The recent figures led officials to call it a bloodbath, and many argued that it was a result of global attempts to crack down on the market. Germany’s central bank are just one example of officials calling for tighter legislation, and France’s finance minister also asked for tougher rules.