Bitcoin has "aspects of a bubble" but it's almost impossible to know whether it's gone too far, Nobel-winning economist Robert Shiller told CNBC on Monday.
Bitcoin has been on a wild ride this year. It started out the year at $1,000 and soared above $19,000 on the Coinbase exchange last week before dropping. The price on Coinbase, which accounts for a third of bitcoin trading value, is often at a premium over other exchanges.
"It's a contagion. People are getting excited watching other people [invest]," Shiller said in an interview with "Closing Bell."
"Smart people do invest in it but they're careful. They don't do too much," the Yale University professor said. However, for some people their care is "going by the wayside."
Bitcoin was trading at $17,270 on Coinbase at 4:01 p.m. New York time on Monday.
Shiller, who has called bitcoin a "fad," believes it is OK to "play" with the cryptocurrency.
However, "it would be wrong to put a high percentage of your portfolio in it because it may have gone up tenfold already but that's not guaranteed."
Meltem Demirors, director of development at The Digital Currency Group, is bullish on bitcoin long term. "We are just getting started and this financial speculation is fueling the development of infrastructure," she told "Closing Bell."
Demirors sees a "much bigger run coming in 2018 when more products and more instruments come to market."
China's Official Government Auditor Is Looking at Blockchain Solutions
China's government auditor thinks blockchain can "open up a window" to more streamlined data storage.
In an article published Tuesday on its website, the National Audit Office of the People's Repub
MarketWatch Is Tracking Eight More Cryptocurrencies
MarketWatch, the news publishing unit of Dow Jones Media Group, announced Wednesday that it will begin tracking the market moves of eight additional cryptocurrencies.
On Wednesday, the company said
Salesforce Among 12 New Members to Join Blockchain Research Institute
Cloud computing company Salesforce is among 12 new members to the Blockchain Research Institute (BRI), the multi-million dollar global blockchain think tank announced on Tuesday.
Devoted to the stu
The First Bitcoin ATM in Mainland China Shutters Service Amid Regulatory Crackdown
The first bitcoin ATM in mainland China, which was installed four years ago in Shanghai, has ceased to provide exchange services to bitcoin investors in response to Chinese authorities’ requirem
Police in Chinese City Confiscated 600 Bitcoin Miners over Electricity Theft
April 25, 2018 – Police in north China’s Tianjin have confiscated 600 computers used to mine bitcoin after local power grid reported abnormal electricity consumption, Xinhua reported on Wednesday.
TD Ameritrade Put An Actual Ad on the Bitcoin Blockchain
TD Ameritrade planted an ASCII flag - that is to say, imprinted an advertisement - on bitcoin's blockchain earlier this month.
The online broker announced that it sent 68 bitcoin transactions to cr
Iceland's 'Big Bitcoin Heist' Suspect Has Been Arrested
Iceland's now-infamous bitcoin miner thief has reportedly been arrested.
A Dutch police spokesperson confirmed that Sindri Thor Stefansson - who is accused of masterminding the theft of $2 million
Snoop Dogg to Perform at Ripple's Blockchain Week NYC Party
Distributed ledger startup Ripple is hosting a VIP gathering featuring Snoop Dogg - and will be giving away 10 tickets to the event on Twitter.
The company announced Tuesday that Snoop would perfor