News Bitcoin price Ken Rogoff - Business Insider

Bitcoin price Ken Rogoff – Business Insider

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Kenneth Rogoff, the former chief economist of the
International Monetary Fund, has weighed in on Bitcoin.

“Is the cryptocurrency Bitcoin the biggest bubble in the
world today, or a great investment bet on the cutting edge of
new-age financial technology
?” the professor of
economics and public policy at Harvard asks
in a column on Project-Syndicate titled “Crypto-Fool’s Gold?”

“My best guess is that in the long run, the technology will
thrive, but that the price of Bitcoin will collapse.

Bitcoin’s price has exploded over the last two years, and
has climbed more than 350% since the start of 2017.

The cryptocurrency’s rapid ascent, and the cottage industry that
has grown
around
it, have galvanized investors’ interests and
elicited their fair share of criticism.

A number of
top Wall Streeters have recently have expressed
concerns
about Bitcoin. JPMorgan CEO Jamie Dimon called it “a fraud” that
is “worse than the tulip
bulbs
,” referring the 17th century Dutch tulip-mania bubble.
BlackRock Chairman and CEO Larry Fink, meanwhile,
told Bloomberg
News
that “it just identifies how much money laundering there
is being done in the world.”

Bitcoin and other digital currencies’ transactions are done
anonymously. They aren’t monitored by central banks like, say,
the dollar or the euro. In his piece, Rogoff suggests that
if Bitcoin was no longer anonymous and more regulated, then its
price might not be sustainable.

“Were Bitcoin stripped of its near-anonymity, it would be hard to
justify its current price,” he wrote. “Perhaps Bitcoin
speculators are betting that there will always be a consortium of
rogue states allowing anonymous Bitcoin usage, or even state
actors such as North Korea that will exploit it.”

He added that central banks could also create their own digital
currencies and then use regulation to “tilt the playing field
until they win.”

“The long history of currency tells us that what the private
sector innovates, the state eventually regulates and
appropriates,” he wrote. “I have no idea where Bitcoin’s price
will go over the next couple years, but there is no reason to
expect virtual currency to avoid a similar fate.”

The cryptocurrency was up by 2.5% at 4,718.5098 against the US
dollar at 2:44 p.m. ET.


Check out the full article from Rogoff here
.

Get the latest Bitcoin price here.

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