Harvard University economics professor Kenneth Rogoff admitted that his predictions regarding Bitcoin were incorrect. In 2018, he anticipated a significant decline in its value, whereas in 2024 the cryptocurrency exceeded the $100,000 mark.
Errors in Predictions
Rogoff acknowledged that Bitcoin's current value of $113,000 far exceeded his expectations. This reflects the significant rise of the cryptocurrency market in recent years, especially given that Bitcoin was valued below $10,000 in March 2018.
Cryptocurrencies and Regulation
Rogoff pointed out that expectations for stricter cryptocurrency regulation did not materialize. He had assumed that policymakers would impose stricter measures against tax evasion and illicit activities related to cryptocurrencies, which did not happen. Consequently, Bitcoin and other cryptocurrencies turned out stronger than he had anticipated.
Regulatory Conflicts of Interest
Rogoff also highlighted potential conflicts of interest among regulatory agencies holding large amounts of cryptocurrency. This could influence their policies regarding crypto assets. His reflections underscore the diversity of opinions on the future of cryptocurrencies and their role in the financial system.
Rogoff’s statements highlight the complexity of cryptocurrency regulation and the need for ongoing discussions in this area. Bitcoin's rise continues to provoke various opinions and expectations about the future of cryptocurrencies in the global economy.
