- Kenneth Rogoff doesn’t see Bitcoin succeeding due to government intervention
- Rogoff is a self-professed skeptic of digital currency
- According to him, authorities might impose strict regulations on Cryptocurrency
Kenneth Rogoff, Harvard Professor of Economics and Ex-Chief Economist at the International Monetary Fund (IMF), warns that Bitcoin may not thrive and expand due to government regulations.
Government May Curb Bitcoin Growth
Kenneth Rogoff, currently a Professor of Economics and Public Policy at Harvard University, shares his considerations about bitcoin’s prospects on Bloomberg Surveillance a week ago.
He suggests that Cryptocurrency‘s future is highly speculative. He also admitted to being a skeptic in terms of digital currency. Questioning the virtual currency’s utilization and value, he doubts that the currency does not hold any tangible source for value determination. He queried whether crypto is merely influential because individuals believe it’s significant. Government regulations will impede the growth of Cryptocurrency.
Bitcoin Bubble May Burst Soon
Rogoff further suggests that despite crypto users attempting to expand their usage, government regulations will stop it. In the long run, people will realize that digital currencies don’t have a solid backing, and hence, the bubble surrounding this virtual asset will burst.
In an interview with CNBC held in 2018, he said that Cryptocurrency had a higher probability of being valued at $100 than $100K in the coming decade.
He views the utilization of Bitcoin in numerous failed nations in terms of economic advancement. He says crypto may become useful in a dystopian future, and the novel regulations will not allow any pseudonymous transactions. Consequently, the government will come out victorious in the end, no matter what technology is on the other side.
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