Harvard Economist Says Bitcoin is Likely to Reach $100 in 10 Years, But For the Wrong Reason

JP Buntinx | March 6, 2018 | 11:00 am

Harvard Economist Says Bitcoin is Likely to Reach $100 in 10 Years, But For the Wrong Reason

JP Buntinx | March 6, 2018 | 11:00 am

Opinions on the Bitcoin price are very different in nature. Some people expect six-digit figures by 2020, whereas others expect a major decline in value. Harvard economist Kenneth Rogoff is convinced the BTC value will head to $100 soon enough.

Kenneth Rogoff is at it Again

Most people in the cryptocurrency world are familiar with Kenneth Rogoff. He has made some interesting Bitcoin price predictions over the years. The Harvard economist is convinced cryptocurrencies will not succeed. In fact, he regularly states how these markets will eventually collapse when common sense returns to this industry. Only time will tell if those concerns will effectively become a factor in the future.

According to the Harvard economist, Bitcoin will hit $100 in the near future. It is a “greater chance than it hitting $100,000  a decade from now”, according to Rogoff. That is a remarkable statement, albeit he has some good reasons for making this prediction. Once money laundering and tax evasion are removed from the equation, the use cases for Bitcoin are pretty minimal. The Harvard economist mainly sees BTC as a tool for criminal activity, a sentiment shared by most governments around the world today.

Recent research by Blockchain Intelligence Group shows Bitcoin is used far less in the illegal circuit right now. It still accounts for nearly one in five transactions, though. Even so, it shows criminals are flocking to other solutions in this regard. Whether this means they use altcoins or traditional financial solutions, remains unknown at this point. It seems the Harvard economist has not taken this research into account before making this $100 price prediction.

Government Regulation is a Non-factor

No one can deny more governments are looking to regulate cryptocurrency. Doing so successfully will be a challenge. The decentralized nature of cryptocurrencies makes it virtually impossible to apply traditional regulation. Harvard economist Kenneth Rogoff thinks government regulation will crash the Bitcoin price. He does acknowledge this degree of regulation will take a fair amount of time to come to fruition.

We have seen Japan legalize Bitcoin as a form of payment. It is possible other countries will follow this lead by example in the future. Assuming this trend continues, the Harvard economist will be proven wrong in his assessment rather quickly. For now, multiple governments are in the process of tackling this industry. How they will go about doing so, remains unknown, for the time being.  As such, the impact of potential regulation is a non-factor right now.

Whether or not Rogoff’s prediction will come true, has yet to be determined. Anything is possible in the world of cryptocurrency. For now, regulation is not necessarily a concern, as governments want to see how the underlying technology developers. As such, we may see the Bitcoin price continue to thrive for quite some time to come. Even a Harvard economist can make an incorrect prediction now and then. This is especially true when it comes to Bitcoin or other cryptocurrencies.

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  • sarged2

    what an idiot

  • Hillshift

    Well then, he’s a moron then because most criminals use monero since it has far more privacy features. Nice research, genius harvard man.

    • Marc

      Even most criminals will not use crypto, but cash. There is too much trouble getting back to dollars or euros, without getting noticed when it involves large sums of money. Why would you risk exposure when cash is still largly untraceable. The whole criminal statement is for making public opinion and getting to regulate all cryptos by governments. The only criminals using crypto are the basterds running ransomware.

      • Hillshift

        Totally dude, maybe there are some more online purchases of illegal goods/services, which probably would have happened anyway. In many ways, blockchain will leave far more digital footprints and be far easier to audit and track by lawmakers. And even if you do make deals with Monero – you still will want to cash it out, which requires you to identify yourself and transfer it to ETH or another major to get cash from the exchanges. It’s so sad we are ruled by simple minded, greedy, halfwits.

  • Matt West

    Too much study has rendered this deluded old fool insane.

    • MuP

      I agree.

    • orkun

      They ( big boys, masons etc …. )also on purpose make people like him announcements bearish announcement like these so that institutions can jump into the train at lower prices then increase the prices themselves… because they know that they missed the train and jump in to maximize their profits…. I know I cannot prove what I am saying but guys will billions in reserves have flexibility to play and speculate for long term so I agree 🙂

      Only waves coming from a solar explosion can stop the rise of crypto currencies 🙂

  • Jesús F. Christ

    how many fucking times do you have to tell us he’s a harvard economist

    • John Owens

      Nine (9).

  • SaywhatsReal

    How much did he get paid for this statement? Keynesian Government shill. Does he even understand that Bitcoin is all about self regulation and free market trade, away from crooked thieving extortionist government. Wake up you indoctrinated fool. Just because you are a trained top dog at the top indoctrination camp of the world, which only value is the label and the network does not mean you are really intelligent and connected to reality. You may be super intellectual but in this day and age that is equivalent to ignorance. You people have tried your best to destroy the price and bitcoin itself and it is still holding up above 10k. HA !

  • Al

    His analysis is based on theoretical knowledge and so it’s not, unfortunately, a practical assessment, which amounts it to speculative talk although the arguments for six figure prices would be classed as speculative as well, for now. Also it shows a lack of understanding of World Economy and moods. Why? In a few words… The whole financial institution is pretty much governed by America (an accomplishment attained after Bretton Woods Pact 1944 when the rest of the developed world stood in ruins) which allowed it to control gold prices and dictate its policies to other countries, sometimes in detriment to some. Now, quite obviously, you have plenty of them that don’t wish that. Some even wanted to reject the dollar completely. Finally, you have an alternative payment system that could potentially allow for an equal playing field. Obviously nations like China and US won’t be “interested” in it as they have the advantage with their multi trillion dollar banking systems although behind the scenes each is vying to become the leading nation in crypto. Why the rhetoric?! You can’t simply take out the Banking System that is so deeply implanted in our infrastructure and change it, no matter how good the alternative is. There will be a financial crash and anarchy. You can adapt it though so crypto as a whole will survive although countries will develop their own. Will banks continue to serve? Definitely not in the way they used to. Do you write a letter to your friend and send it via post office? Bitcoin, I think, is a commodity as I never viewed it as a currency for many reasons. If it will become accepted by most as that than those figures of six, seven figures will be realistic.

    Now to all the children here talking about ‘Oh, it’s illegal or it’s used by bad people’. No system, anywhere in the world is owned by “the people”! Everything is owned by Mafia, Terrorists, Money Launderers and the Corrupt. So don’t be distracted;) Just my opinion

  • Tasnim Aktar

    It’s a paid news. Give some money to Kenneth Rogoff to say bitcoin will go to zero , he will do that. He is completely screwed up his brain. Rubbish news.

  • Babyface ATL

    Every paragraph has the words harvard economist in it. FFS JT Butnix we get it man, he went to harvard. Golf clap……

  • D Harlo

    If this is the type of person or “economist” that is responsible for making decisions that affect our country than no wonder why we have so many financial collapses!

    I find it amazing how stupid these people really are. Wasn’t there a study done last year that showed less than 7% of btc is used for criminal purposes? And that most “criminals” prefer anon crypto?

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