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

Watch More with TheStreet:

Don't miss the best videos of the week. Put Wall Street on Rewind and sign up for our weekly newsletter.

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

More from Video

If You Want to Invest in Artificial Intelligence, Here's the One Stock to Buy

If You Want to Invest in Artificial Intelligence, Here's the One Stock to Buy

Economist Perspective: Brexit Endgame in Sight?

Economist Perspective: Brexit Endgame in Sight?

Smaller Cap Stocks Could Make Great Stocking Stuffers Ahead of 2019

Smaller Cap Stocks Could Make Great Stocking Stuffers Ahead of 2019

5 Highly Anticipated Tech IPOs to Watch in 2019

5 Highly Anticipated Tech IPOs to Watch in 2019

Trading Strategies: How to Play the Federal Reserve's Decision Next Week

Trading Strategies: How to Play the Federal Reserve's Decision Next Week