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Bitcoin Billionaire was released on November 6, 2014. Bitcoin Billionaire is an idle clicker that’s all about raking in bitcoins and building up a massive fortune. You start with almost nothing: a run-down office, a rickety old desk, a crummy computer. By tapping the screen you can mine virtual bitcoins and slowly increase your wealth. Spend digital dough to upgrade that awful furniture into swanky things like entertainment centers and priceless works of art.
He has repeated this thesis many times and in 2017, Shiller wrote that bitcoin was the best current example of a speculative bubble. Economist John Quiggin in 2013 said “bitcoins are the most demonstrably valueless financial asset ever created. Nobel laureate Paul Krugman wrote in 2018 that bitcoin is “a bubble wrapped in techno-mysticism inside a cocoon of libertarian ideology. He criticized it as a very slow and expensive means of payment, used mostly to buy blackmarket goods, without a “tether to reality.
Nobel laureate Richard Thaler emphasizes the irrationality in the bitcoin market that has led to the bubble, demonstrating the irrationality with the example of firms that have added the word “blockchain” to their names which have then had large increases in their stock price. The extremely high volatility in bitcoin’s price also is due to irrationality according to Thaler. Four Nobel laureates, James Heckman, Thomas Sargent, Angus Deaton, and Oliver Hart, appearing at a joint press conference were asked about bitcoin, and all agreed that it is a bubble. Early claims that bitcoin was a bubble focused on the lack of any intrinsic value of bitcoin. These claims include that of former Fed Chairman Alan Greenspan in 2013. He stated “You really have to stretch your imagination to infer what the intrinsic value of Bitcoin is.