Bitcoin is ‘a hedge against dystopia’, says sceptical Harvard professor
According to Kenneth Rogoff, professor of economics at Harvard University, Bitcoin will only succeed in a dystopian future
Often considered a Crypto Code store of value or a hedge asset, mainstream adoption of Bitcoin (BTC) has significantly increased in recent months. However, Kenneth Rogoff, a professor of economics at Harvard University, doubts the success of the asset.
During an interview with Bloomberg on Thursday, Rogoff commented:
“I can see Bitcoin being used in failed states. It’s conceivable that it might have some use in a dystopian future, but I think governments will not allow pseudonymous transactions on a large scale. They simply won’t allow it. Regulation will come in and the government will win, no matter what the technology is.”
In its 12-year history, Bitcoin has been very often criticised. Gold advocate Peter Schiff has repeatedly expressed views against cryptocurrencies, investor Warren Buffett once called the asset “rat poison”, while financial pundit Dennis Gartman has been sceptical of Bitcoin.
Nevertheless, Bitcoin’s adoption has continued to grow
This year the cryptocurrency exceeded all expectations, reaching a new all-time high of $42,000 after many large traditional companies announced their investment in BTC.
Rogoff continued on the subject of Bitcoin:
“I certainly agree that it is a speculative asset. […]
Despite my scepticism about Bitcoin, its price has gone up. But the question is still the same: what is its use? Does it have value just because people think it has value? If so, it is a bubble that will burst sooner or later. […]
In the long run, if a use is not found, then the bubble will burst. And I hope that use will never be found, because it is a hedge against dystopia.”