Cryptocurrency

Bitcoin’s price may reach $100, says Harvard economist

Bitcoin’s highly volatile nature is no secret to the world. Its price reaches a skyrocketing point at a time and drops with a quite similar pace, the next moment. Where some crypto fanatics like John McAfee had predicted the price of Bitcoin to reach $1 million by 2020, a Harvard economist believes that Bitcoin is “more likely to be worth $100 than $100,000” by 2028.

A Harvard university’s professor and economist, Kenneth Rogoff has been recently interviewed by CNBC‘s Squawk Box in a cryptocurrency debate. Rogoff believes that Bitcoin’s downfall will not occur instantly and it would take more than a decade. According to him,

“I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now … I would see $100 as being a lot more likely than $100,000 ten years from now.”

Where Bitcoin had already been associated with illicit cash and illegal activities, Rogoff believes that the number of those activities is going to drop eventually in coming years and thus this will ultimately lead Bitcoin to a downfall. He believes the Bitcoin’s skyrocketing price is very much dependant on money laundering, as he states; “Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”

Rogoff also indicated that the regulations by various governments in the crypto’s ecosystem will also effect Bitcoin’s price badly. However, he also noted that it would take time to develop a global framework of regulation.

With such harsh comments, Rogoff has officially made it to the list of anti-Bitcoin figures where big names like Bill Gates and Warren Buffet already lie.

Sponsored
Sajeel Syed

I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: https://twitter.com/sajeelshamsi

Leave a Comment
Share
Published by
Sajeel Syed

Recent Posts

Microsoft Launches AI-Powered “Support Virtual Agent” for Xbox Users

Microsoft has launched its AI-powered “Support Virtual Agent” chatbot for Xbox Insiders in the U.S.,…

3 hours ago

Musk Says Tesla Won’t Enter Smartphone Market Unless Necessary

Android Authority recently polled its users to find out if they would purchase a Tesla…

3 hours ago

Sukkur IBA Sets Seven Conditions for Conducting MDCAT

The Secretary of the Sukkur IBA Testing Agency has formally requested urgent action from the…

3 hours ago

PSEB Opens Bidding for Nationwide e-Rozgar Centers

The Pakistan Software Export Board (PSEB) has launched a nationwide program to encourage IT startups…

4 hours ago

Google Play Services Bug Disrupts Access to Apps for Pixel Users: Here’s How to Fix It

A significant issue with Google Play Services has left many Pixel users unable to access…

4 hours ago

WhatsApp Beta Partners with Google for Innovative Image Search Feature

When it comes to Android messaging apps, WhatsApp stands out as one of the best.…

5 hours ago