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July 11, 2018 @ 20:39 +03:00
Three of the most respected economists in the world – Kenneth Rogoff, Nouriel Roubini and Joseph Stiglitz – have repeated their past criticisms of bitcoin, saying governments will regulate it “into oblivion” in an effort to fight money laundering and tax evasion.
The three, all of whom have criticized bitcoin in the past, now claim it will experience additional falls in value due to regulators’ efforts to stop criminals from using it to launder money and evade taxes, Barron’s reports.
Stiglitz, a Columbia University professor and Nobel Prize-winning economist, said a means of payment based on secrecy cannot be used to develop a transparent banking system. He said no government can permit opening a hole such as bitcoin and allowing “nefarious activity” to go through it.
Rogoff, a Harvard University professor who was formerly the International Monetary Fund’s chief economist, concurred, repeating his previous prediction that bitcoin will fall to $100 in a decade. He said it is a certainty that authorities will regulate anonymous transactions.
Roubini, a New York University economist known as “Dr. Doom” for predicting the financial crisis, said for bitcoin to be a currency, it must be a stable store of value, a unit of account and a means of payment, none of which it currently is. He asked how something that falls 20% in value one day and jumps as much the next day can be a stable store of value, adding that the cryptocurrency is not even accepted at bitcoin conferences.