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Harvard economist Kenneth Rogoff, who erstwhile predicted Bitcoin would sooner clang to $100 earlier it hits $100,000, has admitted a batch has changed since his comments 7 years agone — though helium seemingly inactive hasn’t travel astir to Bitcoin.
“Almost a decennary ago, I was the Harvard economist that said Bitcoin was much apt to beryllium worthy $100 than 100K. What did I miss?” helium wrote connected X connected Wednesday, referring to a conception connected CNBC’s “Squawk Box” successful March 2018.
Rogoff is simply a erstwhile main economist of the International Monetary Fund (IMF) and besides writer of ‘Our Dollar, Your Problem’, which was published successful May.
In 2018, Rogoff said that authorities regulation would trigger a driblet successful Bitcoin prices.
However, since the Trump medication won the November election, it broke $100,000 successful December 2024 and has surged much than 80% to a caller all-time high.
Bitcoin has skyrocketed much than 1,000% since Rogoff’s 2018 prediction. Source: TradingView
“I was acold excessively optimistic astir the US coming to its senses astir sensible cryptocurrency regulation,” helium said, indicating his stance connected crypto hasn’t changed.
Bitcoin competes with fiat currency
“Second, I did not admit however Bitcoin would vie with fiat currencies to service arsenic the transactions mean of prime successful the twenty-trillion dollar planetary underground economy,” helium continued connected X.
However, Bitcoin has go an inflation hedge successful galore countries wherever section currencies person been massively devalued by governments.
Illicit enactment tied to cryptocurrencies was astir $50 cardinal successful 2024, according to Chainalysis, but this is simply a driblet successful the water and little than 1% of what is laundered utilizing cash.
“Third, I did not expect a concern wherever regulators, and particularly the regulator successful chief, would beryllium capable to brazenly clasp hundreds of millions (if not billions) of dollars successful cryptocurrencies seemingly without effect fixed the blatant struggle of interest.”Related: Trump-linked American Bitcoin seeks Asia acquisitions to boost BTC holdings: Report
Crypto X decides to instrumentality it arsenic a triumph anyway
Bitwise’s main concern officer, Matt Hougan, responded, stating that Rogoff “Failed to ideate that a decentralized project, which drew powerfulness from radical and not centralized institutions, could win astatine scale.”
Meanwhile, a researcher astatine integer assets brokerage FalconX, David Lawant, said helium was “very thankful” to Rogoff, arsenic his publication ‘The Curse of Cash’ was “so terrible” that it was “one of the things that pushed maine to BTC.”
Head of integer assets probe and VanEck, Matthew Sigel, posted his database of Bitcoin’s loudest critics connected Tuesday, ranking Rogoff successful ninth place. He “wrote Bitcoin’s obituary excessively aboriginal from wrong his ain echo chamber,” said Sigel.
“Maybe you missed it due to the fact that you unrecorded successful an echo chamber, aforesaid arsenic erstwhile you fastener replies,” helium added, referring to Rogoff preventing radical from replying to his posts connected X.
“Fundamentals matter: fiat debasement, demographic wealthiness shifts, and planetary request for a neutral reserve asset.”Ironically, the Harvard Management Company, which is liable for managing the university’s $53 cardinal endowment fund, reported a $116 cardinal investment successful BlackRock’s spot Bitcoin ETF earlier this month.
— Cointelegraph (@Cointelegraph) August 10, 2025Magazine: Solana Seeker review: Is the $500 crypto telephone worthy it?
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