Harvard crypto skeptic calls Bitcoin ‘hedge against dystopia’

Harvard professor Kenneth Rogoff says he doesn’t see Bitcoin succeeding, barring extenuating circumstances.
Often touted as a store of value or a hedge asset, Bitcoin (BTC) has gained significant mainstream adoption in recent months. However, Kenneth Rogoff, a professor of public policy and economics at Harvard University, doubts the asset’s success. “I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding: “It can be imagined, you know, it could have some use in a dystopian future, but I think it doesn’t The governments are going to allow large-scale pseudonym transactions. They’re 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 criticism throughout its 12-year history. Gold advocate Peter Schiff often comments against the technology, investor Warren Buffett once referred to the asset as “probably a toxic poison square” and financial commentator Dennis Gartman expressed skepticism towards Bitcoin at the end of 2020, none but to name a few examples. Bitcoin adoption has continued to grow despite skeptics, however. The asset skyrocketed past all-time price hikes, hitting a recent high near $ 42,000 after several major mainstream companies publicized their BTC purchases in 2020. “I certainly think I agree that it speculative, ”Rogoff said of Bitcoin. You…