Harvard economist Kenneth Rogoff once predicted that Bitcoin is more likely to drop to $100 rather than rise to $100,000. He acknowledged that the market has changed significantly since he made those comments seven years ago, but he still seems to not recognize Bitcoin.
“Nearly a decade ago, I said as a Harvard economist that Bitcoin is more likely to be worth $100 rather than $100K. What did I miss?” he posted on X, quoting his views from March 2018 on CNBC's "Squawk Box."
Rogoff previously served as the chief economist at the International Monetary Fund (IMF) and is the author of the book "Our Dollar, Your Problem," published in May this year.
In 2018, Rogoff stated that government regulation would lead to a decline in Bitcoin's price.
However, since the Trump administration won the election in November, Bitcoin surpassed $100,000 in December 2024, rising over 80% to reach an all-time high.
“I was overly optimistic about the U.S. regaining sanity in reasonable regulation of cryptocurrencies,” he stated on X, indicating that his stance on cryptocurrencies has not changed.
“Secondly, I did not realize that Bitcoin would compete with fiat currencies and become the preferred medium of exchange for a $20 trillion global underground economy,” he added on X.
In many countries where local currencies have been severely devalued by the government, Bitcoin has become a tool to combat inflation.
According to Chainalysis, illegal activities related to cryptocurrencies in 2024 amounted to about $50 billion, but this is just a drop in the bucket, accounting for only 1% of the total cash laundering.
Matt Hougan, Chief Investment Officer of Bitwise, responded that Rogoff “failed to envision a decentralized project empowered by the masses achieving success at scale, rather than relying on centralized institutions.”
At the same time, David Lawant, a researcher at digital asset brokerage FalconX, stated that he is “very grateful” to Rogoff because his book "The Curse of Cash" was “so bad” that it became “one of the reasons I turned to BTC.”
Matthew Sigel, head of digital asset research at VanEck, published a list of Bitcoin's most vocal critics on X on Tuesday, with Rogoff ranking ninth. He stated that Rogoff “prematurely concluded on Bitcoin within his echo chamber.”
“Maybe you didn’t see it because you’re in an echo chamber, just like you turned off comments,” he added, referring to Rogoff's restriction on replies on X.
Ironically, Harvard Management Company disclosed earlier this month that it has invested $116 million of its $53 billion endowment fund into BlackRock's spot Bitcoin ETF.
⚡ FLASHBACK: In 2018, a Harvard economist said $BTC is more likely to hit $100 than $100K. Now they invested $116M. pic.twitter.com/YDdZylmzdk
Related: Is the bottom for Bitcoin (BTC) price $114,700? Data suggests the reversal timing has arrived.
Original article: “Harvard Economist Admits He Was Wrong About Bitcoin (BTC) Plummeting to $100”
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