Nobel prize winning economist Joseph Stiglitz said bitcoin is a bubble. 

The cryptocurrency breached $11,300 at one point on Wednesday after starting 2017 at roughly 1,000. 

Meanwhile, Stiglitz, said the current tax reform proposals will only exacerbate President Trump's complaints of trade deficits with various countries. He said the tax reform bill will increase our fiscal deficits, which will lead to greater trade deficits with other countries. The two factors have a direct relationship, he says. 

Stiglitz is the author of Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

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Editors' Pick: Originally published on November 29, 2017.