Opinion

Harvard Professor Says Bitcoin Price Will Go to $100, Flawed Logic

JP Buntinx | April 2, 2018 | 11:05 am
Opinion

Harvard Professor Says Bitcoin Price Will Go to $100, Flawed Logic

JP Buntinx | April 2, 2018 | 11:05 am

Speculating on the Bitcoin price is an interesting yet somewhat futile exercise. Harvard economist Kenneth Rogoff has always been bearish on Bitcoin. His most recent prediction puts the bitcoin price at $100 in the next decade. While such a bearish attitude is not new, it is useless an inaccurate prediction.

Kenneth Rogoff is Wrong

Although financial experts should know better than the rest of us, they are not always correct. While one can argue the value of bitcoin is taking a huge beating, too much bearish expectation is not a logical outcome either. Right now, it seems as if most of the Bitcoin price decline is over, although this market is always subject to volatility and speculation. That will continue to affect the price in a rather negative manner for quite some time to come.

According to Kenneth Rogoff, the valueo f bitcoin will continue to decline. In his opinion, the value per BTC will drop to $100 in the next ten years. An interesting statement, although one that is very difficult to back up with solid evidence. After all, there is no indicator things will effectively come to a head in such dramatic fashion. The current downtrend is already quite steep, but it will end sooner rather than later.

A continual decline in the bitcoin price is simply not feasible. The demand for Bitcoin has not slowed down in the slightest. The Bitcoin Dominance Index is still on the rise as well. Although that latter metric is not a perfect indicator, it does tell a story of its own. Right now, Bitcoin is the overly dominant cryptocurrency in the industry and strengthening its position.

The Future of Bitcoin Looks Pretty Good

Once we see the technical developments come to market for Bitcoin, things can only improve. With proper scaling solutions, micropayments, and so forth, the future has never looked better for Bitcoin. At the same time, we see an increased rate of adoption in some countries.

There are also the Bitcoin futures contracts to keep in mind. While they may not have made much of an impact so far, things are still improving. The overall futures trading volume is picking up,  confirming the growing interest in Bitcoin by institutional investors. It seems Kenneth Rogoff has not taken those factors into account when making his prediction.

Kenneth Rogoff also considers Bitcoin as a money laundering tool first and foremost It is evident there is a lot of misinformation in that statement. Bitcoin is not liquid enough to facilitate large-scale money laundering. Additionally, Bitcoin lacks privacy and anonymity in every way imaginable.  There is no reason to use it for crime, as you simply cannot hide your tracks. Financial experts such as Kenneth Rogoff should know better than stating half-truths in this regard.

Tags: , , , , ,
  • Anton

    I heard Verge is going to $15 too.

    • Marcel Toet

      Speculating on the Verge price is an interesting yet somewhat futile exercise. Anton has always been bearish on Verge.
      His most recent prediction puts the Verge price at $15 in the coming period. While such a bullish attitude is not new, it is useless an inaccurate prediction.

      Anton is Wrong.

      Although Anton should know better than the rest of us, he is not always correct. While one can argue the value of Verge is taking a huge beating, too much bullish expectation is not a logical outcome either. Right now, it seems as if most of the Verge price decline is over, although
      this market is always subject to volatility and speculation. That will continue to affect the price in a rather negative manner for quite some time to come.

      • Anton

        That’s why Anton uses sarcasm.

  • Sam

    BTC will go to ZERO when quantum computing comes online. 5-10yrs?!

    • Marcel Toet

      I just can’t see BTC and quantum computing being related to each other…..

      • Sam

        let me explain it then: once quantum computing in live, any encryption will be crackable in days, even the most secure encryption… and BTC is built on encryption.

        • Ultron

          Quantum computing will improve blockchain tech

    • Takeshi Kovacs

      Before Bitcoin, try to figure out witch faith will expect to Banks and Nuclear Arsenals

    • Joe Azarcon

      By that time, encryption will also be upgraded. All it takes is consensus, after all.
      Improvement in technology and security is certainly a great way to obtain consensus.

  • You say it won’t go down and the future is promising but you don’t base that on anything? “With proper scaling solutions, micropayments, and so forth, the future has never looked better for Bitcoin” are the only actual things you state in it’s favour yet these are things that need to happen but have not yet in any menaingful way. The rest of your article is simply saying ‘no it won’t go down much more’ without a single substantiated reason way.
    Typical one sided, naive crypto investors view based on nothing other than not wanting to believe it could go down BS

  • David Arulnathan

    wise men say only fools rush in….but I could not help falling in love with Bitcoin!

    • Les Tension

      With apologies to Elvis of course….

  • Mike Stevens

    “it is useless an inaccurate prediction” stop writing articles on your phone…

  • Ultron

    Spend $8K in electricity just to mine $100 worth of cryptocurrency?

    • Ben

      The advantage of people who dislike crypto is that they’re such uneducated idiots, you never have to actually argue with them. They prove themselves wrong (:

      • Alex Cameron

        Replace ‘dislike ‘with ‘like ‘ in your comment and I will agree with you.
        Agree with you

        • Ben

          agreed, there’s a lot of idiots within the crypto sphere as well. That doesn’t take away from the lack of knowledge in the comment above, it most certainly does NOT cost $8000 to mine $100. Crypto mining has proven to be a great passive source of income, with hundreds of teams working on endless open source and DECENTRALIZED tech, the future for crypto is bright.

      • Joe Azarcon

        Don’t worry. A lot also said the PC will never replace the typewriter, nor did they recognize the future of radio telecommunications and internet.
        These things take time, but they are inevitable.

  • Chais Wagan

    I’m not defending the writer of the article but we all know for a fact that academics are most of the time wrong. If they were always soooo right, and had confidence in their predictions, they would be gazillionaires now. My various professors in economics and business were some of the most brilliant minds I ever had the honor learning from, but I never saw them running billion dollar corporations or hitting it big with stocks.

    The point is that theory is just that, theory.

  • Andy J

    He just missed out on buying it when it was $100 and is bitter about it.

  • Terry Georgas

    Has nothing to do with missing out. We’re talking about someone who comes from an old school business mentality. Nothing wrong with his thinking.

  • Sun Dream Gun

    >”Bitcoin is over!” says the increasingly more nervous bitter nocoiner for the thousandth time
    >source pls
    >post your shorts then faggot!
    are any of his students calling him mid-class? they’re letting any ol’ retard teach these days aren’t they?

  • Tony Lombardo

    I won’t comment on my beliefs about Bitcoin, but I’ll say this, the writer’s style is awkward and clunky. This thing reads like the work of a weak high school junior.

    • Alex Cameron

      Have to agree with you! If one substitutes ‘bitcoin’ with the following terms strategically placed his argument would remain weak and unconvincing: property,tulips, CFD, financial futures, Kowri shells, USA railway share certificates 1880, British War Bonds 1947 ,Fool’s gold ( any period you care to name ) and Third Reich 1000000 mark notes.

  • Vos_L

    Government regulation could easily squash Bitcoin until it’s near worthless. That’s the most immediate threat.

    • Joe Azarcon

      That may be so, but it has never eradicated drugs or crime either. Not that cryptos are synonymous with that, but the power of regulation is often overstated.
      Just ask China when they attempted to control internet access in the country.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!