Robert Shiller Says Bitcoin Is a ‘Remarkable Social Phenomenon’

Bitcoin is a social movement whose popularity splits along geographic lines in the U.S., Nobel economics prize winner Robert Shiller said.

“The East Coast is less into it than the West Coast,” Shiller said Tuesday in a Bloomberg Television interview with Tom Keene and Guy Johnson. “Silicon Valley is really into it. This to me shows that this is not a rational response to new information.”