Harvard Professor Who Predicted Bitcoin's Collapse Admits Failure…"Did Not Expect Full Embrace by Regulators"
Summary
- Kenneth Rogoff, a Harvard University professor who previously offered a pessimistic outlook on Bitcoin, has admitted his prediction was wrong.
- Professor Rogoff stated that he did not expect regulatory authorities to fully embrace cryptocurrencies.
- He suggested that the development of the Bitcoin market due to changes in the regulatory environment differed from his original forecast.
According to U.Today, a cryptocurrency-focused media outlet, on the 19th (local time), Kenneth Rogoff, a Harvard University economics professor who previously predicted that "Bitcoin (BTC) is much more likely to reach $100 than $100,000," has admitted that his forecast was off the mark.
In a March 2018 CNBC interview, Professor Rogoff said, "BTC is more likely to crash to $100 than climb to $100,000 in the next decade," adding, "It's being used for money laundering and tax evasion, and it's not functioning as a means of transaction. If worldwide regulation starts, the price will collapse."
However, he recently stated on X (formerly Twitter), "Back then, I was optimistic that the U.S. would introduce reasonable regulations to control cryptocurrencies, but in reality, I did not expect that regulators would fully embrace cryptocurrencies while overlooking conflicts of interest."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
