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

Harvard professor and economist Kenneth Rogoff shows scepticism on Bitcoin perspectives
06 March 2018   635

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.

Survey: Millionaires do not gain Enough Crypto Advice

A survey revealed today by Capgemini shows: only 34.6 percent of high net worth individuals have got cryptocurrency information from their wealth managers
19 June 2018   49

According to Reuters, the information is received from Capgemini’s annual survey, the World Wealth Report. The latest edition demonstreted that additionally to the aforementioned 29 percent, a further 26.9 percent are “on the fence” relatively to  cryptocurrency investment - meaning that well over half of HNWIs are aware of and/or interested in cryptocurrency like Bitcoin.

A Paris-based business consulting corporation, Capgemeni, determines HNWIs as people with at least $1 million accessible to invest, outside of asset holdings such as real estate, automobiles, and art. At the start of 2018, there were a counted 15.2 million such people in the world. This part of society controls more than $70 trillion, and Capgemini expects that figure to rise to $106 trillion by 2025.

Also it was found by the study that 71.1 percent of younger millionaires (age 40 and below) place “high importance” on getting information about cryptocurrency from their wealth management firms, as do 13 percent of those aged 60 and over. In the whole, only 34.6 percent of them claimed that they had learnt cryptocurrency information from their wealth managers. 

This probably points to a trend of wealth managers being a bit behind the times. It also unfolds that a market force which could go some way towards explaining the fact that at least 167 new cryptocurrency hedge funds were instituted last year. During the year of 2017, these funds saw massive growth in profit.