New Bitcoin price prediction. In ten years, the bitcoin rate will drop to $ 100. This prediction was made by Professor of Economics at Harvard University Kenneth Rogoff in an interview to CNBC.
Rogoff about Bitcoin
“I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out 10 years from now. I would see $100 as being a lot more likely than $100,000 ten years from now,” Rogoff said. “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small”.
But according to Blockchain Intelligence Group research, nowadays people use bitcoin as a payment method in illegal activities much less frequently. Nevertheless, such transactions still account for a fifth of the cryptocurrency transactions.
About Bitcoin regulation
Rogoff is sure that regulation by the governments of large states will significantly affect the cost of cryptocurrency. However, the authorities need to develop a global regulation.
“It really needs to be global regulation. Even if the U.S. cracks down on it and China cracks down, but Japan doesn’t, people will be able to still launder money through Japan,” he explained.
At the same time, he recognizes that it may take considerable time to create the appropriate legal framework.
Rogoff stressed that government’ interest in the technology behind cryptocurrencies is a deterrent that prevents it from taking more active steps. “They want to see the technology develop,” Rogoff said.
We recall, that in October 2017 Kenneth Rogoff expressed his position that in the long term the blockchain technology will flourish, and the bitcoin price will collapse. He still continues to maintain that if bitcoin is no longer anonymous and becomes more regulated, its price may be much lower than many would like.
It is noteworthy that some other experts hold the opposite opinion about the Bitcoin price prediction. According to Tim Draper, Bitcoin price prediction is very optimistic. He believes that Bitcoin is a future of currency. We remind, that Draper was the person who predicted in 2014 that Bitcoin would hit $10,000 in three years. And it happened.