In 2018, Kenneth’s Rogoff, Professor of Economics at Harvard University and a former chief economist at International Monetary Fund, predicted Bitcoin
were more likely to be worth $ 100 than $ 100,000 in a decade.
In fact, Bitcoin’s price rose over $ 100,000 this year, a 10 times increase from March 2018’s below $ 10,000 level when Rogoff predicted the crash.
Tuesday, with Bitcoin hovering about $ 113,000, Rogoff reflected on how he had missed the brand and said he had been “too optimistic about the United States coming to his sense of sensible cryptocurrency control.”
In a post on X, Harvard economist Ken Rogoff said he had expected decision makers to adopt a firm attitude to limit the use of cryptocurrencies in tax evasion and illegal activities. He was indirectly to criticize the legislative environment as being less than cautious and allow cryptocurrencies like BTC to bloom in ways he did not expect.
Rogoff underestimated how Bitcoin would compete with Fiat currencies to act as the chosen transaction medium in the $ 20 Billion Global Underground Economy.
“This requirement sets a floor at its price as I discuss in the long run in my new book our dollar, your problem,” Rogoff said.
He also marked an “obvious conflict of interest”, with regulators “that had hundreds of millions (if not billions) of dollars in cryptocurrencies apparently without consequence. “
