According to a report by Coin TelegraphYale University economics professor and Nobel Prize recipient Robert Shiller admitted that he "doesn't know what to make of bitcoin, ultimately.
Supporters of the movement believe that digital currencies could come to replace fiat money throughout the world, and that the advancements in blockchain technology could spread outside of the cryptocurrency world and inspire innovation across a much broader spectrum of businesses. Second, Shiller's comments suggest that, while bitcoin could be a bubble, perhaps it will behave in a way that bitcoin is a bubble different from other historic bubbles.
The cryptocurrency phenomenon has been likened to "Tulip Mania" in the 17th century, one of the very earliest bubble phenomena. Question of Bitcoin's Value Shiller explained that a cryptocurrency "has no value at all unless there is some common consensus that it has value.
Other things like gold would at least have some value if people didn't see it as an investment.
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As of the date this article was written, the author owns cryptocurrencies.