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October 4, 2022
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Kenneth Rogoff: Bitcoin is a protection against dystopia –

Kenneth Rogoff, an economics professor at Harvard University, still believes that Bitcoin will not become a safe haven. He expressed his opinion during a conversation with Bloomberg, which took place on Thursday.

Kenneth Rogoff: Bitcoin in a dystopian future

The economist believes that BTC can be useful, but only if the world is fully dictatorship.

You know, you can imagine that [Bitcoin] it might come in handy in a dystopian future, but I think governments won’t allow large-scale pseudonymous deals. They just won’t allow it. The relevant regulation will come into force. The government will win. It doesn’t matter what the technology is – He said.

Is he right? Bitcoin has already been attacked by many authorities in the “old” economy. Gold supporter Peter Schiff often criticizes BTC. Investor Warren Buffett once described cryptocurrency as “rat poison squared.” In turn, financial commentator Dennis Gartman expressed skepticism about Bitcoin in late 2020. These are just a few examples.

However, despite the above, Bitcoin adoption continues to rise, as does the price. Not too long ago, BTC even broke the 2017 ATH, hitting a new high of $ 42,000 after many major mainstream companies admitted they started buying BTC in 2020.

I think I agree this is speculation Rogoff said about Bitcoin. – I was a bitcoin skeptic … the price went up, but the final question arises as to what [BTC] serves. Is it valuable because people think it is valuable? He asked and added that at some point the cryptocurrency bubble would burst again. – I think in the long run if [BTC] does not apply… yes, that bubble will burst. I hope it doesn’t have such a valuable application in practice [jak sugerowałem]because I suppose it is a safeguard against dystopia.

BTC price

Despite Rogoff’s skepticism, BTC today costs $ 33,000, or 3.5 percent. more than 24 hours earlier and 8.5 percent. less than 7 days in advance. There is a correction in the market.

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