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 The 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 stated that the government was not a priority in 2018. regulation This would lead to a decline in Bitcoin 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 saidHis stance towards cryptography has not changed.
Bitcoin is a currency that competes with fiat currencies
“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 In many countries, local currencies are devalued massively by governments.
In 2024, the illicit activity associated with cryptocurrencies is expected to reach $50 billion. according Chainalysis is an option, but it is only a small part of the money that is being laundered.
“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 is Bitwise’s Chief Investment Officer. 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 works as a researcher for digital assets broker FalconX. said He was “very thankful” to Rogoff, as his book ‘Cash is a CurseWas “so terrible” It was “one of the things that pushed me to BTC.”
Matthew Sigel is the head of VanEck’s digital asset research. posted Rogoff was ranked ninth on his list of Bitcoin critics. 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 others from responding to his posts.
“Fundamentals matter: fiat debasement, demographic wealth shifts, and global demand for a neutral reserve asset.”
It is ironic that the Harvard Management Company manages the $53 billion endowment funds of Harvard University. reported a $116 million investment BlackRock launched its spot Bitcoin ETF in early this month.
⚡ FAST FORWARD: An economist from Harvard said this in 2018 $BTC It is much more likely that you will hit $100 rather than $100,000.
They have invested $116M. pic.twitter.com/YDdZylmzdk
— Cointelegraph (@Cointelegraph) August 10, 2025
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Source: cointelegraph.com
