Incoming ten years, Download T-Rex Miner is more likely to be $100 than $100,000, Harvard economist says Harvard University professor and economist, Kenneth Rogoff said on Tuesday that, the possibility of the prices of bitcoin prices falling to $100 is higher than that of the digital currency trading at $100,000 a decade from now.
“I think bitcoin will be worth a tiny fraction of what it is now if we’re headed out ten years from now… I would see $100 as being a lot more likely than $100,000 ten years from now,” Rogoff told CNBC’s “Squawk Box.”
A lot of illicit transactions have been associated with Bitcoin, estimates of which vary in proportion to the use of digital currency used in illegal activities. According to Shone Anstey, co-founder, and president of Blockchain Intelligence Group computed that the level of unlawful transactions had reduced to 20 percent in 2016 and was “significantly less than that” in 2017.
The regulations introduced by the government will provoke the drop in bitcoin prices said, Rogoff, although he emphasized that it would take time to develop a global framework of regulation.
According to industry site CoinDesk, Bitcoin traded around $11,242.61 during Tuesday Asia morning trade. The price of digital currency has fallen this year from a record of more than $19,000 in December last year.
However, in the past also there have claims about the falling prices of bitcoin. Before bitcoin sold off in December last year, Rogoff told last October that estimates of the digital currency would “collapse” amid attempts by governments to regulate the space.