BTC is Likely to Be $100 Than $100k - Harvard Economist

Harvard professor and economist Kenneth Rogoff shows scepticism on Bitcoin perspectives
06 March 2018   873

The probability that in 10 years bitcoin will cost $ 100 is higher than the probability that its rate will rise to $ 100,000. This opinion is shared by Harvard professor and economist Kenneth Rogoff to CNBC.

I think bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now ... I would see $100 as being a lot more likely than $100,000 ten years from now. Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small.

Kenneth Rogoff

Professor and economist, Harward University

Contrary to Rogoff's suggestion, Blockchain Intelligence Group's research indicates that bitcoin was used much less often as a tool for illegal activities. Nevertheless, such transactions still account for a fifth of the transfers using cryptocurrency.

According to Rogoff, increasing pressure on the part of regulators will cause further declines in the rates of the cryptocurrency. At the same time, he recognizes that it may take considerable time to create the appropriate legal and regulatory framework.

It really needs to be global regulation. Even if the U.S. cracks down on it and China cracks down, but Japan doesn't, people will be able to still launder money through Japan.

Kenneth Rogoff

Professor and economist, Harward University

As a deterrent that prevented governments from moving to more proactive measures, Rogoff calls their interest in the technology behind crypto-currencies.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   167

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.