Harvard Professor: Bitcoin to Cost $100 in 10 Years, Not $100 000
March 7, 2018
Harvard professor and ex-chief economist of the IMF Kenneth Rogoff has claimed, “actual uses [of Bitcoin] as a transaction vehicle are very small”, at least when compared to that in money laundering and tax evasion.
“I think Bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now”, he noted.
While Rogoff takes an optimistic approach to digital currencies in general, he is yet very skeptical about the world’s largest one. As early as October last year when Bitcoin was setting ever new records Rogoff used to state, regulation was to burst like a growing bubble.
“It is one thing for governments to allow small anonymous transactions with virtual currencies; indeed, this would be desirable. But it is an entirely different matter for governments to allow large-scale anonymous payments, which would make it extremely difficult to collect taxes or counter criminal activity”, Rogoff said.