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NYU's Scott Galloway on bitcoin: 'It's basically young people saying they have no faith in our institutions'

Key Points
  • NYU professor Scott Galloway called bitcoin a millennial "mistrust index."
  • The rise of bitcoin reflects young people's distrust of institutions, he said.
  • Galloway predicted a $1,000 bitcoin spike if embattled Senate candidate Roy Moore wins the Alabama election Tuesday.
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Bitcoin is young people saying we have no faith in our institutions: NYU professor

Everyone's got their theories of what exactly bitcoin is in today's economy — currency, value store or fraud — and NYU professor Scott Galloway is throwing a new one in the mix: A millennial "mistrust index."

"It's basically young people saying they have no faith in our institutions," Galloway told CNBC's "Squawk Alley " Tuesday. "As we lose faith in institutions, it goes up."

Bitcoin saw an unprecedented spike last week, gaining $7,000 in just two days, but has stumbled some since bitcoin futures began trading on official exchanges over the weekend.

Galloway predicted a $1,000 bitcoin spike if embattled Senate candidate Roy Moore wins the Alabama election Tuesday.

"Chaos is great for bitcoin," he said.