Bitcoin, one of the most common and popular cryptocurrencies around the world, has a higher likelihood of fall to fall to $100 than being traded at $100,000 ten years from now, according to Kenneth Rogoff Harvard University’s Professor and Economist.
While talking to CNBC, the professor said that in the decade from now he thinks that the cryptocurrency will be worth a fraction of what it is now and would be more likely to be $100 than $100,000.
He explained that if you take out money laundering and tax evasion out of the bitcoin equation then its actual uses as a transaction vehicle are very small.
It is no secret that Bitcoin is associated with illegal activities but Shone Anstey, the co-founder, and president of Blockchain Intelligence Group relays that the illegal transactions in bitcoin fell to 20% in 2016 and were lesser in 2017.
According to him, government regulation would be one thing that would cause a huge drop in bitcoin prices but it would take time to develop a global framework of regulation. The development of regulations depends upon individual countries as central banks around the world have different views about cryptocurrency.
Japan legalized bitcoin as a currency last year but it is considered illegal in Pakistan where Federal Investigation Agency (FIA) has started crackdown against OneCoin and Bitcoin traders in the country.
In mid-February, the cryptocurrency recovered to $10,000 after losing two-thirds of its value from the record high in December 2017 when it reached $19,000.
Nowadays, the hype of cryptocurrency is also bringing forth different scams that are out to steal the money of the users. Recently, Facebook has also banned ads that promote cryptocurrencies.