Bitcoin is getting hits from more than just regulators now. A Harvard crypto skeptic has added salt to the wounds inflicted on BTC by soon to be treasury chief Janet Yellen. Kenneth Rogolf, a public policy and economics professor at Harvard University has been known to be a fierce critic of Bitcoin. Though Rogolf acknowledges bitcoin’s recent success, he doubts that success will be long term.
BTC will work for failed states
In a Bloomberg interview, the Harvard educator remarked; “I can see Bitcoin being used in failed states.” He went to add that BTC could have some use in a dystopian future. He further remarked that there was no way world governments would let some pseudonymous transactions on a big scale take place. “They’re just not going to allow it, regulation will come in” according to him. He further added that there was no beating government stances if they decided not to allow it, no matter what the technology was.
Bitcoin has had to deal with criticism since its unveiling back in 2009. BTC has gotten heat over the years from big personalities such as Peter Schiff (a big believer in gold), big time investor Warren Buffet who once called it “rat poison” as well as many other critics who just don’t believe in it.
Another A-list critic of BTC is Dallas mavericks’ owner Mark Cuban who shares the same point of view as Kenneth Rogolf. According to Cuban, governments will just not accept their currencies to be undermined by cryptocurrencies like Bitcoin. According to him, this Bitcoin thing is just a vanity project that could end in tears for many believers.
Institutional interest despite cynicism
Despite the skeptics, Bitcoin has grown more than any other investment in the last year. We have seen huge institutions such as Skybridge, PayPal, Facebook and Blackrock make big moves in. When big institutional money starts to get in the game, it inspires confidence no matter what A-list critics have to say. At the moment, BTC is experiencing a retracement that has seen it tumble to just under $33,000. Whether the retracement gets more severe in the coming days or not, time will tell.
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