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Harvard Economist Predicts Bitcoin's Downfall In A Decade


Harvard University Professor and Economist Ken Rogoff has predicted that the price of Bitcoin is likely to fall to as low as $100 per token, not rising to $100,000 in the next 10 years.

"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," the former IMF Chief Economist said in CNBC's program "Squawk Box".

Rogoff, Professor of Public Policy and Professor of Economics at Harvard University, had predicted in October that Bitcoin price bubble will collapse as cryptocurrencies face continued regulatory controls.

Despite increased scrutiny and regulation across the globe, the price of the word's most popular cryptocurrency soared 1200 percent in 2017.

Bitcoin plunged from its peak of $19,500 in December to below $6,000 last month, losing two-third of its value.

Later, it showed signs of recovery and crossed the $11000 mark. Tuesday, Bitcoin rose as high as $11432 before losing ground.

The drop in bitcoin prices had been attributed to government regulation in many countries, but Rogoff said cryptocurrency misuse cannot be controlled unless a global framework of regulation is developed.

"Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small," according to him.

Cryptocurrency exchanges and trade are flourishing in countries such as the United States, South Korea and Japan, while Venezuela launched its own official cryptocurrency, Petro.

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