Harvard Professor’s Regret: I Was Wrong About Bitcoin 7 Years Ago!

Despite Bitcoin’s recent correction, the cryptocurrency’s long-term trend has been notable to many analysts and experts.

According to Bitcoin Sistemy, Bitcoin’s price has remained above $112,000 despite a recent correction from its record high of $124,500. This remarkable price action stands in stark contrast to an old prediction by Kenneth S. Rogoff, a Harvard University professor and former chief economist at the International Monetary Fund. In 2018, Rogoff had predicted that it was more likely for Bitcoin’s price to crash to $100 than to rise to $100,000 in the coming decade.

This year, however, Bitcoin crossed the $100,000 mark and is now nearly 10 times higher than Rogoff’s prediction. He has since admitted his forecast was wrong, stating: “I am highly optimistic that the United States will take a sensible path regarding cryptocurrency regulation.”

In his post, the Harvard economist stated that he expects policymakers to take a firm stance to curb the use of cryptocurrencies for tax evasion and other illegal activities. Rogoff implicitly criticized the current regulatory environment for not being vigilant enough, which he believes has allowed cryptocurrencies like Bitcoin to experience such unexpected growth.

Rogoff argued that he had not anticipated Bitcoin would evolve into a preferred medium of transaction and compete with fiat currencies. Furthermore, he pointed out a clear conflict of interest, noting that lawmakers “hold millions, or even billions, of dollars in cryptocurrency with virtually no consequences.”