Collapse of Bitcoin Inevitable According to Harvard Economics Professor

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Bitcoin's future is undoubtedly tough to predict. The pundits either believe it will go to the moon or collapse. The latest to join the league of those predicting the demise of Bitcoin is Kenneth Rogoff, a professor of economics at Harvard University.

Who is Kenneth Rogoff?
Ken Rogoff is a professor of public policy and economics at Harvard University. He has a distinguished academic background, with degrees from Yale University and MIT. He served as the chief economist of the IMF from 2001 to 2003 and is a chess grandmaster. With such a background, it is inevitable that his views on Bitcoin attract a lot of attention.

Dim Views on Bitcoin
In a blog post in the Guardian, Ken Rogoff writes:

"Is the cryptocurrency Bitcoin the biggest bubble in the world today, or a great investment bet on the cutting edge of new-age financial technology? My best guess is that in the long run, the technology will thrive, but that the price of Bitcoin will collapse."

While he acknowledges that certain governments like Japan have taken the lead in regulating and accepting virtual currencies, he attributes it to a desire to become the global leader of fintech. He expects most governments to ignore Bitcoin when used for small, anonymous transactions; but act against it once Bitcoin becomes more widely used.

"The long history of currency tells us that what the private sector innovates, the state eventually regulates and appropriates. I have no idea where Bitcoin’s price will go over the next couple years, but there is no reason to expect virtual currency to avoid a similar fate."


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