Recent statements by Harvard economist Kenneth Rogoff regarding his error in predicting Bitcoin's price have once again drawn attention to his views on cryptocurrency.
Admission of Error
Kenneth Rogoff, known for his pessimistic forecasts regarding Bitcoin, admitted that his assertion of the cryptocurrency potentially hitting $100 looks erroneous against the backdrop of its actual rise to $124,000. He noted that he underestimated Bitcoin's resilience, citing the lack of sensible regulation and its significance in the global economy.
Discussion of Opinions
Rogoff's opinion sparked lively discussion. Some analysts pointed out that his mistake is comparable to incorrectly estimating the weight of a blue whale. Bitcoin supporter Robert Breedlove also expressed dissatisfaction with the professor’s opinion. Meanwhile, others, including Columbia lecturer Omid Malekan, highlighted that such mistakes impact academics' reputations, complicating their understanding of new technologies.
Current Market Situation
Since reaching a record price above $124,000, Bitcoin has declined by 7.3%, trading at $112,639. Despite this drop, the asset is up 86% year-on-year. The current price volatility is attributed to profit-taking following the record run, but the overall trend remains bullish.
Kenneth Rogoff's admission of his erroneous Bitcoin assessment underscores the challenges of predicting cryptocurrency markets and the societal response to academic perspectives on financial innovations.
