Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

Often touted as a store of value or hedge asset, Bitcoin (BTC) has gained significant mainstream adoption over the past several months. Kenneth Rogoff, a public policy and economics professor at Harvard University, doubts the asset’s success, however. 

“I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding:

“It’s conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They’re just not going to allow it. The regulation will come in. The government will win. It doesn’t matter what the technology is.”

Bitcoin has weathered its fair share of criticisms throughout its 12-year history. Gold advocate Peter Schiff often comments against the technology, investor Warren Buffett once referred to the asset as “probably rat poison squared” and financial commentator Dennis Gartman expressed skepticism toward Bitcoin in late 2020, just to name a few examples.

Bitcoin adoption has continued to grow despite the skeptics, however. The asset broke past previous all-time price highs, hitting a recent peak near $42,000 after multiple large mainstream companies publicized their BTC purchases in 2020.

“I certainly think I agree that it’s speculative,” Rogoff said of Bitcoin.

He added:

“I’ve been a Bitcoin skeptic, and certainly, the price has gone up, but there’s sort of an ultimate question of what’s the use. Is it just valuable because people think it’s valuable? That is a bubble that would blow up.”

“I think, over the long run, if there’s not a use, yes, the bubble will burst,” Rogoff posited. “I hope there’s not such a valuable use, but I suppose it’s a hedge against dystopia.”

In contrast, leaders in the crypto industry have presented Bitcoin as a hedge under less abnormal circumstances.

Title: Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’
Sourced From: cointelegraph.com/news/harvard-crypto-skeptic-calls-bitcoin-a-hedge-against-dystopia
Published Date: Fri, 22 Jan 2021 19:33:50 +0000

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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