> "Ambiguity," "animal spirits, " "neuroscience" Those are all real areas of research in behavioral economics[1][2][3]. > -- the article could be summed up wi

> "Ambiguity," "animal spirits, " "neuroscience" Those are all real areas of research in behavioral economics[1][2][3]. > -- the article could be summed up with "I have no idea what's going on." There's nothing wrong with saying that you don't know what's behind the rise in Bitcoin's value, but pointing out that it has features of several known irrationality inducing biases, including the ones you quoted above. That's all Shiller is doing here. I prefer that opinion over the one that claims a priori that Bitcoin's value is backed by economic fundamentals. [1] https://www.investopedia.com/terms/a/animal-spirits.asp https://www.investopedia.com/terms/a/animal-spirits.asp [2] https://en.wikipedia.org/wiki/Ambiguity_aversion https://en.wikipedia.org/wiki/Ambiguity_aversion [3] https://en.wikipedia.org/wiki/Neuroeconomics https://en.wikipedia.org/wiki/Neuroeconomics