Economist Kenneth Rogoff Revises Bitcoin Prediction After Market Changes
Harvard economist Kenneth Rogoff, who previously predicted Bitcoin would drop to $100, acknowledged his error and explained the factors behind it.
Key Points from Rogoff's Reflection
- Rogoff expressed optimism about U.S. crypto regulation but criticized the Trump administration's approach.
- He believed that regulatory measures would decrease Bitcoin's price by limiting its use in illegal activities and tax evasion.
- His prediction coincided with Bitcoin trading at around $11,000, driven by concerns over money laundering.
- Contrary to his expectations, demand for Bitcoin increased following regulatory clarity, leading to a surge in its price.
- Bitcoin reached new heights, including a previous all-time high just before the GENIUS Act's passage.
- Rogoff underestimated Bitcoin's role as a medium of exchange in the global underground economy.
- He noted Bitcoin’s growing status as a store of value, particularly among traditional finance investors via ETFs.
- Rogoff did not foresee regulators holding substantial amounts of crypto, despite potential conflicts of interest.
As of now, Bitcoin is trading at approximately $113,600, reflecting a recent increase.
