Harvard Professor Once "Drowned" Bitcoin to $100 Admits: I Was Wrong

In 2018, Harvard economics professor and former chief economist of the IMF Kenneth S. Rogoff stated that Bitcoin is more likely to fall to 100 USD than to reach 100,000 USD within 10 years. However, just after 7 years, the reality has completely reversed: Bitcoin is currently trading around 112,000 USD, which is nearly 10 times the level below 10,000 USD in March 2018. Rogoff admitted: "I was too optimistic that the U.S. would follow a reasonable path in cryptocurrency management." Causes Beyond Expectation According to Rogoff, the reason he made an incorrect forecast is that he could not have imagined Bitcoin becoming the preferred medium of exchange in the global underground economy worth up to 20 trillion USD. He also pointed out a paradox: many managers, who are responsible for overseeing the market, hold massive amounts of digital assets, which makes them less motivated to tighten regulations. This has contributed to Bitcoin's opportunity to explode beyond expectations. Warning About Tightening Management Although admitting mistakes, Rogoff believes that this does not mean Bitcoin will always grow. He predicts that governments will soon take strong measures to curb the use of cryptocurrencies for tax evasion and illegal activities. Rogoff emphasized: "Policymakers will be forced to act to regulate this sector." Nevertheless, the rapid development of the cryptocurrency market shows the widening gap between the current legal framework and the actual operation of the digital economy.