Bitcoin value may arrive at $100, says Harvard economist
Bitcoin value may arrive at $100, says Harvard economist. One minute down and the next minute up, it’s not the Pakistan cricket team here I’m talking about Bitcoin and its highly volatile nature. There was time when its price reached a peak point and then we also witnessed quite similar drop in its price. Well, in the world of crypto the change in price is a normal thing.
Interestingly, where some crypto fanatics like John McAfee had predicted the value of Bitcoin to arrive at $1 million by 2020, a Harvard economist believes that Bitcoin is “more expected to be worth $100 than $100,000” by 2028.
in recent times, a cryptocurrency debate was made by CNBC‘s Squawk Box where Kenneth Rogoff, a Harvard university’s professor and economist has been interviewed. According to Rogoff Bitcoin’s collapse will not happen immediately and it would take more than a decade.
“I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now.” Rogoff said.
Bitcoin had already been linked with illegal cash and illicit activities, Rogoff believes that many of those activities is going to fall ultimately in coming years and therefore this will lead Bitcoin to a collapse in the end.
According to Rogoff, the high prices of Bitcoin is very much dependant on money laundering, as he states; “Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”
On the other hand, regulations by different governments in the crypto’s system will also affect Bitcoin’s price badly. However, he also indicated that it would take time to expand a worldwide framework of regulation.
Now we can articulate from his harsh statement about bitcoin that Rogoff has publicly made it to the list of anti-Bitcoin figures. A list where big names like Warren Buffet and Bill Gates already existed.