Economist Kenneth Rogoff Reviews His 2018 Bitcoin Forecast on Price
Harvard economist Kenneth Rogoff revisits his prediction of Bitcoin's value and explains his views on cryptocurrency regulation.
Key Takeaways
- Kenneth Rogoff, a Harvard economics professor, predicted in 2018 that Bitcoin might only be worth $100 a decade later, which proved wrong as Bitcoin’s price has soared past $100,000.
- He reflected that he underestimated Bitcoin’s influence in the underground economy and was too optimistic about regulators effectively controlling its use.
In Detail:
In 2018, Kenneth Rogoff claimed that Bitcoin was more likely to reach a value of $100 than $100,000 in ten years, a starkly different outcome from today’s prices, which have surpassed $115,000. Rogoff’s initial expectation relied on a belief that regulators would crack down on the cryptocurrency, a view he now recognizes as misplaced.
He mentioned a growing demand for Bitcoin in the underground economy as a stabilizing factor for its price, which he elaborates on in his upcoming book Our Dollar, Your Problem. Rogoff criticized the existing regulatory measures, highlighting a significant contradiction where regulators maintain substantial cryptocurrency holdings without apparent repercussions.
