Yale University professor Robert Shiller.(AP Photo/Jessica Hill) As someone who has carefully analyzed both the housing and dot.com bubbles — and won a Nobel Prize in economics for his research — Shiller has called the Bitcoin craze a bubble. This is what he told Quartz earlier this year: For one thing, millions believe that Bitcoin will make them rich with little or no effort.

After all, the virtual currency’s reference price has climbed more than 600% in recent months, although it’s retrenched this month — off 50% from its peak value. Then there’s the allure of blockchain technology: The government doesn’t control it, computers around the world monitor it and it’s embedded in cryptic code, so it would be hard to hack.

So goes the story, although there are some strange aspects to it. When I saw Shiller speak recently, he elaborated when I asked him a question about Bitcoin.

Shiller was lecturing at the Chicago Humanities Festival. I’ve seen Shiller several times in the past and have interviewed him for two of my books: The Cul-de-Sac Syndrome and Keynes’s Way to Wealth.

While he didn’t offer a direct reply on the valuation question, he gave me his observations on the story behind Bitcoin and why it’s valued so highly. “Bitcoin is the best narrative possible,” Shiller replied with a smile. Read more from forbes.com…

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