Harvard economist Kenneth Rogoff admitted that the Bitcoin (BTC) predictions he announced in 2018 did not come true.
Harvard economist Kenneth Rogoff, who said in 2018 that Bitcoin was more likely to fall to $100 than to rise to $10,000, has admitted he was wrong.
“BTC is more likely to fall to $100 than to reach $100,000 in the next decade,” Rogoff told CNBC in an interview in early 2018. “Because BTC is used for money laundering and tax evasion and doesn’t function as a transaction medium. If regulations start coming in worldwide, the price will collapse.”
However, Rogoff admitted that he was wrong in a post on his X account, citing the lack of effective regulations for cryptocurrencies, the unexpectedly high rate of adoption, and the inaction of regulatory bodies as the main reasons behind his erroneous prediction.
“About ten years ago, I was the Harvard economist who said Bitcoin was more likely to hit $100 than $100,000. What did I miss?
- 1-I was overly optimistic that the US would come to its senses regarding sensible cryptocurrency regulations; I was wondering why policymakers would want to facilitate tax evasion and illegal activities.
- 2- Secondly, I did not foresee that Bitcoin would compete with fiat currencies as the preferred medium of transaction in the twenty trillion dollar global underground economy.
- 3- Third, I did not anticipate that regulators, and especially the chief regulator, would be holding hundreds of millions or even billions of dollars worth of cryptocurrency, given the obvious conflict of interest.”
*This is not investment advice.
