Bitcoin Crash to $100? Harvard Professor Rogoff Revisits 2018 BTC Price Prediction

In 2018, Kenneth S Rogoff, professor of economics at Harvard University and a former chief economist on the International Monetary Fund, predicted bitcoin

was extra probably to be value $100 than $100,000 in a decade.

In actuality, bitcoin’s worth rose above $100,000 this 12 months, a 10-fold enhance from March 2018’s sub-$10,000 degree when Rogoff predicted the crash.

On Tuesday, with bitcoin hovering round $113,000, Rogoff mirrored on how he had missed the mark, saying he had been “far too optimistic about the U.S. coming to its senses regarding sensible cryptocurrency regulation.”

In a submit on X, Harvard economist Ken Rogoff expressed stated he’d anticipated policymakers to undertake a agency stance to curb the usage of cryptocurrencies in tax evasion and unlawful actions. He was, not directly, criticizing the regulatory setting as being lower than prudent and permitting cryptocurrencies like BTC to flourish in methods he didn’t anticipate.

Rogoff underestimated how bitcoin would compete with fiat currencies to function the transaction medium of alternative within the 20 trillion-dollar international underground economic system.

“This demand puts a floor on its price, as I discuss at length in my new book Our Dollar, Your Problem,” Rogoff stated.

He additionally flagged a “blatant conflict of interest,” with regulators “holding hundreds of millions (if not billions) of dollars in cryptocurrencies seemingly without consequence.”