Harvard economist Kenneth Rogoff has publicly admitted he was wrong about Bitcoin. However, instead of reanalyzing his model, he blames President Trump and the 'criminals' using Bitcoin for his price collapse prediction not coming true.
Mistakes and excuses
In 2018, Rogoff predicted the price #bitcoin would collapse. However, Bitcoin's price has increased 13 times since then. Faced with this reality, he gave a 'half-hearted apology', suggesting that Bitcoin has survived because of:
Trump's crypto regulation is positively charged.
Bitcoin is accepted and used by 'criminals'.
$TRUMP "blatantly holding hundreds of millions of dollars in cryptocurrency without consequences."
The author notes this is a serious lack of reasoning, reflecting Rogoff's ignorance of Bitcoin's true value, including its censorship resistance, instant global payments, and being a savings option outside the banking system.
The lesson of arrogance
The article also recounts a memory of the author with Rogoff, highlighting his ignorance of the history of finance and competing currencies. This leads to the conclusion that even famous scholars can be wrong, especially when they are overly arrogant and bound by old views.
The article concludes that when reality differs from predictions, the right approach is to reassess the model rather than blame. Bitcoin is challenging traditional views, and only those willing to learn can understand its true value. #anh_ba_cong
