Over the next ten years, Bitcoin is likely to grow from $ 100,000 to 100, says Harvard economist
Kenneth Rogoff, a professor and economist at Harvard University, said Tuesday that the price of bitcoin is likely to fall to $ 100 more than digital currency trading at $ 100,000 a decade from now.
“I think Bitcoin would be worth a tiny fraction of what it is now if we left ten years ago … I would see it much more than $ 100,000 ten years ago,” Rogoff told CNBC in a “squawk box.”
“If you take the opportunity to avoid money laundering and tax evasion, its actual use as a vehicle for transactions is minimal,” said the former chief economist of the International Monetary Fund (IMF).
Bitcoin has been linked to a large number of illegal transactions, with estimates varying in proportion to the use of digital currency used in illegal activities. According to Sean Anstey, co-founder and president of Blockchain Intelligence Group, the level of illegal transactions dropped by 20 percent in 2016 and was “significantly lower” in 2017.
Regulations introduced by the government will push down the price of bitcoin, Rogoff said, although he stressed that it would take time to build a global framework of control.
“It needs to be a global control. Even if the United States cracks down on it and China cracks down, but Japan doesn’t, people will still be able to smuggle money through Japan,” he said.
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Bitcoin traded around $ 11,242.61 during Asian morning trading on Tuesday, according to industry site Coindesk. The price of digital currency has fallen this year from a record বেশি 19,000 in December last year.
According to Rogoff, the reason behind the anticipation of technology behind digital currencies is that the authorities are reacting inappropriately to regulation of bitcoin.
“They want to see technological advances,” Rogoff said, adding that the private sector has historically “designed” everything from standard currency to paper currency in the history of currency.
Bitcoin is a significant area of growth as the application of blockchain technology allows transactions to be maintained and recorded.
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However, there have been claims in the past about falling Bitcoin prices. Before Bitcoin was sold in December last year, Rogoff said last October that digital currency projections would “fall” in governments’ efforts to control space.
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