Harvard economist Kenneth Rogoff, who once predicted Bitcoin would sooner crash to $100 before it hits $100,000, has admitted a lot has changed since his comments seven years ago — though He seemingly still hasn’t come around to Bitcoin.
“Almost a decade ago, I was the Harvard economist that said Bitcoin was more likely to be worth $100 than 100K. What did I miss?” he wrote On Wednesday, X referred to a segment from CNBC’s “Squawk Box” The month of March 2018 is a time for reflection.
Rogoff is a former chief economist of the International Monetary Fund (IMF) and also author of ‘Our Dollar, Your ProblemThe book was first published in May.
Rogoff claimed that in 2018, the federal government would be restructured. regulation Would trigger a fall in Bitcoin’s price.
Since the Trump Administration won the election in November, the stock has risen by more than 80% and reached a record high.
“I was far too optimistic about the US coming to its senses about sensible cryptocurrency regulation,” He saidThis shows that his position on cryptocurrency hasn’t really changed.
Bitcoins compete with fiat currency
“Second, I did not appreciate how Bitcoin would compete with fiat currencies to serve as the transactions medium of choice in the twenty-trillion dollar global underground economy,” He continued his story on X.
Bitcoins have become a popular way to pay for goods and services. inflation hedge Many countries have devalued their local currency by massive amounts.
The illicit activities associated with cryptocurrency will be around $50 billion by 2024. according Chainalysis can be used to clean cash, but that’s a tiny fraction of laundering.
“Third, I did not anticipate a situation where regulators, and especially the regulator in chief, would be able to brazenly hold hundreds of millions (if not billions) of dollars in cryptocurrencies seemingly without consequence given the blatant conflict of interest.”
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Crypto X still decides it’s a win
Matt Hougan was Bitwise’s chief investment officers. respondedRogoff is a spokesman for the statement that “Failed to imagine that a decentralized project, which drew power from people and not centralized institutions, could succeed at scale.”
David Lawant is a research assistant at the digital asset brokerage FalconX. said He was “very thankful” to Rogoff, as his book ‘Cash’s Curse” “so terrible” It was “one of the things that pushed me to BTC.”
Matthew Sigel Matthew Sigel Head of VanEck digital assets research posted Rogoff ranked 9th on the list. Rogoff was ranked ninth on the list of Bitcoin’s loudest critics. “wrote Bitcoin’s obituary too early from within his own echo chamber,” Sigel.
“Maybe you missed it because you live in an echo chamber, same as when you lock replies,” he added, referring Rogoff preventing users from replying on his posts at X.
“Fundamentals matter: fiat debasement, demographic wealth shifts, and global demand for a neutral reserve asset.”
The Harvard Management Company is the company that manages the endowment of the University, which amounts to $53 billion. reported a $116 million investment BlackRock launched its spot Bitcoin ETF in early this month.
⚡ Flashback: A Harvard economist stated this in 2018. $BTC 100K is less likely than $100K to be reached.
They have invested $116 million. pic.twitter.com/YDdZylmzdk
— Cointelegraph (@Cointelegraph) August 10, 2025
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Source: cointelegraph.com
