World’s Top Economists Over Pessimistic Predictions on Bitcoin

July 12, 2018

The three most reputed economists of the world – Kenneth Rogoff, Nouriel Roubini and Joseph Stiglitz – have voiced again their criticizing comments about Bitcoin and claimed, governments would regulate it to oblivion in attempt to fight money laundering and tax evasion. The three ones who battered at Bitcoin last year now state, it will face greater price fall due to efforts of regulators to stop the mentioned problems.

Stiglitz: Governments Will Act

Stiglitz, a professor at Columbia University and Nobel Prize-winner, claimed, means of payment based on anonymity cannot be used for developing transparent banking system. He said, no government will let a loophole like Bitcoin and “nefarious activity” in it remain.

According to Stiglitz, governments haven't taken such measures due to relatively small market. But as it grows into something significant, governments will act.

Rogoff: Bitcoin Will Collapse to $100

Rogoff, a professor at Harvard University and former chief economist at the International Monetary Fund, agreed with Stiglitz as he repeated his previous prediction that Bitcoin is going to fall to $100 in ten years. He is convinced the authorities will regulate anonymous transactions.

In October Rogoff declared the Bitcoin technology would prosper but its price fall. The future of Bitcoin depends of the measures governments will adopt to regulate it. In March this year he said, if Bitcoin is no longer used for money laundering and tax evasion, its popularity will sink dramatically.

Roubini: Bitcoin is Not Currency

Roubini, an economist from New York University, said, for Bitcoin to become a currency it must turn into reliable unit of store, account and payment and it is neither of these now. He also wondered, how something that falls by 20% one day and leaping back the next day may become a stable store of value and added, cryptocurrency is not accepted even at Bitcoin conferences.

Roubini used to call Bitcoin a bubble since 2014 and confirmed his long despise to it in May when he spoke of it as of “bulls–t” during group discussion at the annual conference Milken Institute Global in Los Angeles.

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