Kenneth Rogoff, an economics professor at Harvard University, still believes that bitcoin will not become a safe haven. He expressed his opinion during an interview with Bloomberg on Thursday. Kenneth Rogoff: Bitcoin in a dystopian future The economist believes that BTC could come in handy, but only if there is a full-blown dictatorship in the world. - You know, you can imagine that [Bitcoin] might be useful in a dystopian future, but I think governments won't allow large-scale pseudonymous transactions. They just won't allow it. A regulation will come into effect. 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 of "old" economics. Gold advocate Peter Schiff often criticizes BTC. Investor Warren Buffett once described cryptocurrency as "rat poison squared". And financial commentator Dennis Gartman has expressed skepticism about Bitcoin in late 2020. And these are just a few examples. But despite the above, Bitcoin's adoption continues to grow, as does its price. Not long ago, BTC even surpassed the ATH of 2017, reaching a new peak of $42,000 after many large mainstream companies admitted that they started buying BTC in 2020. - I think I agree that it's speculation," Rogoff said of Bitcoin, however. - I've been a skeptic about Bitcoin ... the price has gone up, but there is an ultimate question of what [BTC] is for. Is it valuable because people think it's valuable? - He asked and added that at some point the cryptocurrency bubble will burst again. - I think in the long run, if [BTC] doesn't have a use ... yes, that bubble will burst. I hope it doesn't have as valuable a use in practice [as I suggested], because I suppose it's a hedge against dystopia. The price of BTC Despite Rogoff's skepticism, BTC costs $33,000 today, up 3.5 percent from 24 hours earlier and down 8.5 percent from 7 days earlier. A correction is underway in the market. Tags bitcoin btc Rogoff
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