In a recent social media post, Kenneth Rogoff, a former Chief Economist at the International Monetary Fund (IMF), reflected on his earlier prediction that bitcoin was more likely to be valued at $100 than $100,000.
Rogoff, a Professor of Economics at Harvard University, acknowledged that he underestimated the U.S. government’s willingness to implement sensible cryptocurrency regulations, questioning why policymakers would facilitate tax evasion and illegal activities. He also noted that he did not foresee bitcoin’s competition with fiat currencies as a preferred medium of exchange in the global underground economy, which has created a price floor for the cryptocurrency. Additionally, Rogoff expressed surprise at the ability of regulators to hold substantial amounts of cryptocurrencies without facing consequences, highlighting a significant conflict of interest. These insights appear to serve as a backdrop for promoting his new book, “Our Dollar, Your Problem,” rather than a genuine reassessment of his previous views on bitcoin.
