Is Bitcoin’s Price Going To Drop To $100 In The Long Run?

The drop of Bitcoin’s price has been predicted by a well-known economist. On Tuesday March 06, a Harvard professor named Kenneth Rogoff told CNBC’s Squawk Box program that over the long term he predicts a fall of Bitcoin’s price to as low as $100.

Rogoff’s expert opinion is trustworthy as he is a former chief economist at the International Monetary Fund. However, Bitcoin investors don’t have reasons to get worried over the short term, since the drop in price is expected to take place over the next decade.

According to Rogoff, in 10 years from now Bitcoin will be worth just a small fraction of its price today. He also had a critical tone towards Bitcoin’s use as a payment means. The reputable economist argued that, in his opinion, beyond money laundering tax evasion there are not much uses for Bitcoin payments.

In the past, the former IMF economist has a history of ultra-bearish stances on Bitcoin prices He wrote an op-ed for The Guardian last October, forecasting that the price of Bitcoin will collapse. Rogoff considers that this is likely to happen even in case that the underlying blockchain technology thrives.

His theory is based in part on the idea that governments are not willing to allow anonymous or decentralized cryptocurrencies replacing completely state-issued tender.

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