based on materials from the site - By Marketbit.io

Harvard economist Kenneth Rogoff acknowledged that his previous forecast regarding the price of Bitcoin was largely incorrect. He previously indicated that the digital currency was more likely to drop to $100 than to reach $100,000. This acknowledgment appeared on the social network X, formerly known as Twitter.

Rogoff's statement highlights significant changes in the dynamics of regulation and institutional acceptance of Bitcoin that affect market sentiment and investment strategies.


Kenneth Rogoff, also a former chief economist of the IMF, explained his mistake by citing unforeseen consequences of regulatory measures and the significant spread of cryptocurrency among institutions and retail investors. His previous viewpoint emphasized the use of Bitcoin in illegal activities and predicted that stricter regulation would reduce its value.

Rogoff's changed viewpoint reflects a shift in market dynamics driven by institutional trust in Bitcoin, evidenced by investments from organizations such as Harvard University. The rise of institutional Bitcoin assets indicates a growing recognition of cryptocurrency in traditional finance.

Kenneth Rogoff, professor of economics at Harvard University: "My forecast regarding Bitcoin turned out to be completely wrong. The lack of global, sensible regulation and rapid institutional and retail adoption fundamentally changed the situation."
The absence of the expected strict global regulation combined with the growth of its popularity not only preserved Bitcoin's market strength but also raised its historical maximum. This reflects a significant transformation in financial concepts and investment strategies regarding cryptocurrencies.

The recent peak of Bitcoin at $124,128 indicates growing market confidence. The shift in stance among well-known economists demonstrates how digital assets are changing the financial landscape worldwide. Economic policymakers may reconsider their regulatory approaches based on current market realities.

Current trends indicate a potential strengthening of global cooperation in regulation. Financial institutions may seek to integrate technologies that facilitate cryptocurrency transactions. These changes may lead to further increases in the total value locked (TVL) in DeFi projects, highlighting broader implications for the cryptocurrency sector.


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