• Sat. Jul 20th, 2024

Harvard’s Lecturer Believes Governments’ Patience For Bitcoin Is Over, Its Time To Bring Regulation

Jan 25, 2021

Harvard’s Professor thinks the governments world over cannot sit and wait to see Bitcoin’s value growing without doing anything. He believes that sooner or later, governments will put in place a regulatory framework for Bitcoin and other digital assets. Says in its attempt, the government will come out as the winner while Bitcoin and other cryptocurrencies as losers.

Kenneth Rogoff is currently an Economics lecturer at Harvard who also happened to be Chief Economist in the past at International Monetary Fund (IMF). The Economics Professor shared his viewpoint regarding Bitcoin and other cryptocurrencies. In his opinion, the worldwide governments have no appetite for wait and see Bitcoin flourish. Rogoff stated that there is a long-debated issue whether or not to employ regulation upon cryptocurrencies. He said that in many parts of the world like Europe, the governments have already started to put in place crypto regulations. Sooner or later, a global regulatory structure would be introduced with regard to digital assets, he suggested.

Rogoff was recording an interview for Bloomberg when he shared this viewpoint. He has been teaching the Harvard students on the subjects of Economics and Public Policy. He has also between 2001 till 2003 served as the Chief Economist at the globally acclaimed institute known as IMF. In his interview, he said that he was never a fan of Bitcoin until its value climbed at an unthinkable height. He also stated that he would never come to believe that Bitcoin is a great source of storing value because of Bitcoin’s limited use. Though his opinion has changed a little bit but still he thinks that in the near future Bitcoin’s bubble would burst.

He went onto state that it is astonishing to see that Bitcoin has been adopted paradoxically by even those countries which are considered a failed state. However, he suggested that the patience of governments across the globe is about to end soon. They would not allow Bitcoin to flourish anymore without regulation. He said that when the regulation will be put in place then the only winner will be the governments. At the losing end will be Bitcoin and other digital assets irrespective of how great the technological advancement is, he added.

As regards the limited use of Bitcoin, Rogoff suggested that believe it or not, the Bitcoin bubble will soon burst. If the use of Bitcoin and cryptocurrencies is not increased instantaneously, then investors’ attention will be diverted from cryptocurrencies in the long run.

He was posed with the question of whether he would be willing to advise the new Secretary of the US Treasury regarding crypto regulation. He stated that Yellen should do something about crypto regulation and if his advice is needed, he would be glad to give one. He specifically agreed to the idea of crypto regulation and believes that it should be done now or never.

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