Harvard Professor Called Cryptos «Lottery Tickets», Predicted BTC to Be $100

Harvard Professor Called Cryptos «Lottery Tickets», Predicted BTC to Be $100

In the heat of the crypto-fall, when bitcoin costs 80% less than a year ago, Harvard University Professor Kenneth Rogoff said the «big daddy» is more likely to be worth $100 rather than $100,000 in the future. 

Playing the Lottery With Bitcoin

Kenneth Rogoff, who is a Professor of Economics and Public Policy and the former chief economist of the IMF, in a recent article for authoritative media outlet The Guardian, called bitcoin «a lottery ticket.»  

Most importantly, Rogoff rejected the idea that bitcoin is «digital gold.» Instead, he referred to it as a «nutty» coin. The expert added that bitcoin will not necessarily cost zero, but it is more likely to be traded at $100 than $100,000 in a long-term run.  

The economist explained that the use of bitcoin is bounded by transactions only, unlike material gold. For this reason, it is assailable when it comes to bubbles. Moreover, he said that systems which draw on credible central authorities like banks are much more effective than cyber-assets’ verification process, which consumes a lot of energy. 

Regulatory Issues

In his view, bitcoin appears to be in an ambiguous situation which can have consequences in its future price.  

“Take away near-anonymity and no one will want to use it; keep it and advanced-economy governments will not tolerate it,” said the expert. 

For these reasons, the economist argued, regulators in different countries cannot approve the use of transaction tech trend, which is expensive to trace and which can contribute to the criminal activity, money laundering and evasion of taxes.  

Rogoff admitted that soon governments all over the globe might regulate a novel asset class — the class of digital assets. Central banks have already stepped on this path, which many crypto-supporters call the path of rivalry. However, the economist added, coordination on the global scale will be about “stamp[ing] out privately constructed systems.” 

He also pointed out that it is usually discontented states which turn to cyber-coins due to the pressure of Western sanctions. He named North Korea, Somalia, Iran, Cuba, Russia and Syria among such.  


Total Market Cap Predictions

The economist also addressed crypto-fluctuations in the article. He assumed that it is emotions of the crypto-enthusiasts which will drive the total market cap boost within the following five years. As a result, he suggested, the entire market would rise to $5-10 trillion. At the same time, he said that the 80% drop of bitcoin from $20,000 to below $3,400 was not a reason for panicking in the view of the history of BTC’s fluctuations. 

Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...