Former IMF chief economist and now a Professor of Economics and public policy at Harvard University Kenneth Rogoff believes that at the moment, Bitcoin and other cryptocurrencies are no better than lottery tickets. However, although some people already write off from the accounts of many altcoins, it is impossible with confidence to speak about their imminent fall to zero. This conclusion follows from article expert for the Guardian.
He has some questions regarding the ability to successfully use crypto-currency in the economy. First and foremost, the adoption of the cryptocurrency at the national level is likely to occur only in weak States like Iran, Somalia, Venezuela or North Korea. According to him, the current situation makes it difficult to predict the future of cryptocurrency as an asset class. In the article, Rogoff also questioned the value of Bitcoin and his so-called status as “digital gold”.
Unlike real gold, it has no applicability outside the monetary system, and massive energy consumption in order to maintain its functioning much less effectively than the centralized banking system.
According to him, major economies will no longer tolerate cryptocurrencies in their current form at least-the potential for facilitating money laundering. If to deprive of the coin anonymity/pseudoknot, they lose their appeal, effectively bring them to a deadlock. Long-term use and adoption of the cryptocurrency in its current form is not fit with large installations regulated economies. So it became attractive to unprofitable.
Professor of Economics about the future of Bitcoin
Regulators have gradually come to the understanding that it is not ready to accept new technologies facilitate large transactions. Especially those that allow the crooks to evade taxes and contribute to the development of criminal activities.
As writes the CCN, in the end, Harvard economist notedthat in the short term, the cost of Bitcoin will likely approach $ 100 dollars. However, he in any case does not exclude the growth to 100 thousand in the long run, to predict and visualize which while that is simply unrealistic. More data look at cryptodata.
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