2 hours ago
In 2018, Kenneth S Rogoff, prof of economics astatine Harvard University and a erstwhile main economist astatine the International Monetary Fund, predicted bitcoin (BTC) was much apt to beryllium worthy $100 than $100,000 successful a decade.
In reality, bitcoin's terms roseate supra $100,000 this year, a 10-fold summation from March 2018's sub-$10,000 level erstwhile Rogoff predicted the crash.
On Tuesday, with bitcoin hovering astir $113,000, Rogoff reflected connected however helium had missed the mark, saying helium had been "far excessively optimistic astir the U.S. coming to its senses regarding sensible cryptocurrency regulation."
In a post connected X, Harvard economist Ken Rogoff expressed said he'd expected policymakers to follow a steadfast stance to curb the usage of cryptocurrencies successful taxation evasion and amerciable activities. He was, indirectly, criticizing the regulatory situation arsenic being little than prudent and allowing cryptocurrencies similar BTC to flourish successful ways helium did not anticipate.
Rogoff underestimated however bitcoin would vie with fiat currencies to service arsenic the transaction mean of prime successful the 20 trillion-dollar planetary underground economy.
"This request puts a level connected its price, arsenic I sermon astatine magnitude successful my caller publication Our Dollar, Your Problem," Rogoff said.
He besides flagged a "blatant struggle of interest," with regulators "holding hundreds of millions (if not billions) of dollars successful cryptocurrencies seemingly without consequence."
English (US) 