Everyone is fully aware of the volatile nature of Bitcoins. Once its price increased and reached a skyrocketing point and other times it drops with the same speed as well. Some time ago, crypto fanatic, John McAfee predicted that the price of Bitcoin will reach $1 million by 2020. Recently, a Harvard economist said that the worth of Bitcoin is more likely to be $100 than $100,000 by the year 2028. A professor and economist from Harvard, Kenneth Rogoff, gave an interview to CNBC’s Squawk Box in a debate about cryptocurrency.
Rogoff said that the downfall of Bitcoin will not occur all of a sudden but it will take more than a decade for the downfall. He said, “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.” Bitcoins have been associated with illegal activities and Rogoff believes that these activities will eventually end in the coming years and so will the price of Bitcoins. According to him, the price of Bitcoins is very much dependent on money laundering. “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 said that the regulations by various governments in the crypto will also be affecting its price a lot. He said that it will take a lot of time to develop a global framework of regulation. With these comments, Rogoff has also joined the list of anti-Bitcoin big names like Bill Gates and Warren Buffet.