Harvard economist Kenneth Rogoff admitted that his Bitcoin (BTC) predictions made in 2018 did not hold true.
Harvard economist Kenneth Rogoff, who stated in 2018 that the likelihood of Bitcoin dropping to 100 dollars rather than reaching 10,000 dollars was higher, confessed that he was wrong.
In an interview with CNBC in early 2018, Rogoff stated, "It is more likely that BTC will drop to 100 dollars rather than rise to 100,000 dollars. Because BTC is used for money laundering and tax evasion, and it does not function as a medium of exchange. If regulations start worldwide, the price will collapse."
However, in a post made from his X account, Rogoff acknowledged his error and cited the lack of effective regulations for cryptocurrencies, unexpectedly increasing adoption, and regulatory bodies doing nothing as the fundamental reasons behind his faulty prediction.
About ten years ago, I was a Harvard economist saying that the likelihood of Bitcoin being worth 100 dollars was higher than it reaching 100,000 dollars.
What did I miss?
I was overly optimistic that ABD would gather its thoughts regarding sensible cryptocurrency regulations; I was wondering why policymakers would want to facilitate tax evasion and illegal activities?
Secondly, I could not foresee that Bitcoin would compete with fiat currencies as a preferred medium of exchange in the twenty trillion dollar global underground economy.
Thirdly, I had not anticipated that regulators, especially the lead regulator, could hold hundreds of millions or even billions of dollars in cryptocurrency, given the obvious conflict of interest.
Stay tuned for updates.
