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

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

Former U.S. Education Secretary: Voters Are to Blame for Struggling Schools

Meet Blackbird, the New 'Uber of the Skies'

Meet Blackbird, the New 'Uber of the Skies'

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's How to Trade Walmart, Nordstrom, Macy's and J.C. Penney After Earnings

Here's Why Stock Picking Is Especially Important in the Retail Sector

Here's Why Stock Picking Is Especially Important in the Retail Sector

Tip For Financial Advisors: Think Outside the Box

Tip For Financial Advisors: Think Outside the Box