Forget $100000 bitcoin, says Kenneth Rogoff — try $100 instead

Think bitcoin will just keep on storming higher over the next decade, to hit six figures? Think again, says economist Kenneth Rogoff. “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,” said Rogoff, …
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Econimist Ken Rogoff: It’s Time to Reduce Physical Cash

Harvard professor and renowned economist Ken Rogoff has said that to tackle tax evasion and illicit activities the amount of physical cash around the world needs to be reduced. Speaking to CNBC, Rogoff said that cash provided the ideal avenue for tax evasion. He said: The evidence, I think, is overwhelming that that is a […]

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“They will prevent it.”–Professor Ken Rogoff on Bitcoin

*Video link (thanks u/MRDAT21): http://video.cnbc.com/gallery/?video=3000548776

Harvard professor of Economics and former economist at the IMF and Federal Reserve, Kenneth Rogoff, was on CNBC this morning promoting his latest book 'The Curse of Cash'.

During the discussion it was mentioned that people could switch to bitcoins if cash were restricted. Rogoff answered that bitcoins aren't widely used for transactions but if their use became more widespread "they would prevent that" even though they are currently "allowing some innovation."

Rogoff also explains his view of BTC in this article: "Yes, new-age crypto-currencies such as Bitcoin, if not completely invulnerable to detection, are almost so. But their value sharply fluctuates, and governments have many tools with which they can restrict their use – for example, by preventing them from being tendered at banks or retail stores." There is historical precedent for such actions. For example when FDR made it illegal for Americans to own gold. I can see a future when Bitcoin mining is 'temporarily banned' as it 'threatens the economic stability of our Great Nation'.

Make no mistake, the individuals involved in managing the current monetary system are not dummies. Others like Larry Summers, Willem Buiter, and Jaime Dimon have made similar statements regarding BTC and cash. They fully understand the threats to the fiat monetary system and will co-ordinate with governments to defend that system at any cost.

While, I appreciate what some in the Bitcoin community have done in terms of working with regulators and trying to craft 'sensible' regulation, ultimately that avenue will likely be fruitless. There are no significant changes to the system that can be obtained via 'voice'. The only option is to 'exit' and build systems that are resilient to the attacks that will eventually come.

submitted by /u/xcsler
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