Nobel Prize winner: The story of Nakamoto Satoshi promotes the popularity of cryptocurrencies such as Bitcoin

According to The Daily Hodl, Robert Shiller, a Nobel laureate and professor of economics at Yale University, analyzed the power of narrative in his new book Narrative Economics: How Stories Spread and Promote Major Economic Events. In his discussions with YaleNews, he talked about how narratives affect prosperity, depression, recession, and market behavior, and how the story of the origin of Bitcoin has had a huge impact on its popularity. Shiller said that the "strong" nature of cryptocurrency narratives pushed Bitcoin to nearly $20,000 in 2017: "Why is this? Bitcoin is a dream in the eyes of some computer scientists, and we don't even know the identity of the creator. Presumably This person is called Nakamoto, but this statement has never been confirmed. We don't even know if he exists. There is a mysterious element in the narrative, which is very important. I think narrative is very important for the popularity of Bitcoin and other cryptocurrencies. Part of the reason for the success of Bitcoin is that it fuels an anarchist argument that the government is unnecessary and untrustworthy. It fuels the notion that young people create a finance that the government cannot reach. Institutions. This is a powerful narrative that makes people feel interesting and excited, even though it is not a sign of the validity of Bitcoin's core concepts."