Harvard Professor Kenneth Rogoff Critiques Regulatory Approach to Bitcoin
Kenneth S. Rogoff, a Harvard economist, previously predicted that bitcoin (BTC) would be worth $100 rather than $100,000 by 2028. In contrast, BTC surpassed $100,000 this year after rising from under $10,000 in March 2018.
Key points from Rogoff's recent comments:
- Current BTC price is around $113,000.
- Rogoff admitted he was overly optimistic about U.S. cryptocurrency regulation.
- He expected stricter policies to combat tax evasion and illegal activities using cryptocurrencies.
- He underestimated bitcoin's competition with fiat currencies in the underground economy.
- Demand for BTC creates a price floor, as mentioned in his book "Our Dollar, Your Problem."
- Highlighted regulatory conflicts of interest due to regulators holding significant amounts of cryptocurrencies.