Bitcoin Price Will Fall to USD 100 within Decade - Harvard Professor

Harvard University professor and economist Kenneth Rogoff thinks the most prominent cryptocurrency holds value thanks to illegal usage.

by Viko
06 March • 1.5 min
In News
The price of the Bitcoin is more likely to fall to USD 100 instead of reaching USD 100 000 in the matter of a decade, Harvard University professor and economist Kenneth Rogoff suggested in an interview for CNBC.

According to him, the most popular virtual currency is used mainly for illegal purposes like money laundering and tax evasion.

Rogoff has thus joined the “old school” group of financial gurus, like Berkshire Hathaway CEO Warren Buffett and its vice president Charlie Munger, who reject the eventual implementation of Bitcoin in everyday life. Some of those experts have changed their mind completely, like the CEO of JPMorgan, Jamie Dimon, who said earlier this year he regretted calling Bitcoin a fraud in September 2017.

EU flag with a padlock

Europol has estimated that about 3%-4% of the GBP 100 billion in illicit proceeds in Europe are laundered through cryptocurrencies. However, market observers consider that Bitcoin has been losing its popularity among criminals, who now prefer to use coins like Monero, which offers complete privacy and untraceability.

The Harvard professor also called for international regulation on cryptocurrencies, predicting that its introduction will push down the price of Bitcoin. Many other specialists believe that regulation would help for faster and easier adoption of Bitcoin as a means of payment, just like fiat money.