Kenneth Rogoff, former IMF economist says "Bitcoin price will collapse"

[dothebeats]

Article: https://www.coindesk.com/ex-imf-economist-kenneth-rogoff-joins-bitcoin-will-collapse-chorus/

Kenneth Rogoff, Chief Economist of the IMF from 2001-2003 joined the ranks of CEO Jamie Dimon in predicting that the price of bitcoin is merely a bubble and will inevitably collapse. Rogoff, though somewhat amazed by the underlying tech of bitcoin, still thinks that due to government pressure, bitcoin would not be allowed to flourish significantly due to it being a suitable vehicle to carry out illicit activities compared to carrying briefcases full of cash.

Rogoff also stated his disapproval of the current moves of Japan regarding its cryptocurrency laws.


What Dimon and Rogoff were stating is true: bitcoin is inviting tax evaders and money launderers due to its decentralized and pseudo-anonymous transactions. AML and KYC regulations should be present and followed by all exchanges, and it could be a way to prevent illicit activities from happening, but not preventing it completely. This may be the reason why China and the US are still stubborn about talks regarding bitcoin.

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

[Pearls Before Swine]

He's probably right, but there's always the question of timing, i.e., how long can this bubble
actually last before it pops.  Bitcoin is getting more mainstream, and that always happens
in a bubble.  Joe Blow on the street starts buying X Asset, and meanwhile the price is going
parabolic.  Know what I'm saying?

This market looks like and quacks like a duck...meaning, I think it's a bubble that will
eventually collapse.  I just don't know when.  But in the meantime, there's still money to be
made.

[Lancelot04]

Well, it is always depends on the demand of people for Bitcoin. If it is really a bubble, then we should take profit when it is still early.

[audaciousbeing]

Article: https://www.coindesk.com/ex-imf-economist-kenneth-rogoff-joins-bitcoin-will-collapse-chorus/

Kenneth Rogoff, Chief Economist of the IMF from 2001-2003 joined the ranks of CEO Jamie Dimon in predicting that the price of bitcoin is merely a bubble and will inevitably collapse. Rogoff, though somewhat amazed by the underlying tech of bitcoin, still thinks that due to government pressure, bitcoin would not be allowed to flourish significantly due to it being a suitable vehicle to carry out illicit activities compared to carrying briefcases full of cash.

Rogoff also stated his disapproval of the current moves of Japan regarding its cryptocurrency laws.


What Dimon and Rogoff were stating is true: bitcoin is inviting tax evaders and money launderers due to its decentralized and pseudo-anonymous transactions. AML and KYC regulations should be present and followed by all exchanges, and it could be a way to prevent illicit activities from happening, but not preventing it completely. This may be the reason why China and the US are still stubborn about talks regarding bitcoin.

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

Both guys will have their own words to say be relevant. On the issue of KYC, that is something that is not negotiable as we move on in this crypto currency. If you try registering on Xapo mobile wallet, you know what I am talking about. This will eventually spread to exchange sites accordingly.

The China saga and how exchange site were later left to do their business, is surely because of out they agree to implement some more controls which KYC will be key.

Crypto companies that provide card services have two categories and that verified and unverified if you don't verify, then there is limit to the amount you can move and that does not qualifies for money laundering.

With all this in place and more, it will reduce the illicit activities to a large extent but at the same time, this vices have been present even before bitcoin and after being stopped to go through bitcoin by implementing everything, they will still find a way.

[junoreactor]

There is a way for Bitcoin to last long and be adopted by more people: more regulations. Governments can implement regulations, thats why ICO banning in China is good news, if in the long term it can prevent people from being robbed.
Also, if one day the price of Bitcoin becomes more stable (less volatile),that will encourage people to have more trust and faith into Bitcoin.
Let's be optimistic, what is happening in Japan is great.

[HabBear]

What Dimon and Rogoff were stating is true: bitcoin is inviting tax evaders and money launderers due to its decentralized and pseudo-anonymous transactions. AML and KYC regulations should be present and followed by all exchanges, and it could be a way to prevent illicit activities from happening, but not preventing it completely. This may be the reason why China and the US are still stubborn about talks regarding bitcoin.

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

I think Rogoff and Dimon make critical claims against Bitcoin that can just easily be made against the Dollar or Euro or Yen.

I don't hear these "captains of industry" talking about how the Dollar's going to collapse because it's used to fund drug deals, illegal arms buys, terrorism, corruption, etc.

I don't hear them talking about how the Dollar's a fraud because a centralized group of people can decide to make more whenever they want, thus reducing the value of every other unit of the currency already in the market.

Their arguments are hollow. They aren't rooted in any fact-based analysis.

[krauzzer02]

That's why Coinbase and Bitcoin exchanges implement AML and KYC regulations upon their websites to prevent such criminal activities to attract the use of bitcoin for their own unlawful acts, Kenneth Rogoff statements contains facts about the btc that is already happening everyday to the bitcoin users however USD has the same troubles and difficulties in terms of criminal activities. He just want to prove that the use of bitcoin is for criminals and money launderers making the USD a preferred and safe currency to use, the fact is the other way around that USD and any other currency are being used by the criminals also.

[Kingofbitcoin12345]

Everything that goes up might soon be come down.. It is a basic law of gravity,, is it applicable to bitcoin?? Yes in all investments cryptocurrency and stock markets.. The big question is when?? I would have believe him if he give me a time frame for his predictions..
The taxation issue is not a problem of bitcoin it is in government hands to do so and implement.. Why not appeal to the government officials or agency regarding this than making false statements and run with it..

[CryptosapienZA]

**rolling my eyes** all this fud is beginning to annoy me. Cant we just ignore these people?? Off cause the price of Bitcoin will go down at some point, then up, then down again... What is important is looking at the trajectory, it will always be upwards. By collapsing, does he mean it will go to 0??? I say he can continue dreaming.

[alva5763]

So some are using bitcoin for moneylaundering but not all. Same with fiat. Some money launder but not all.

[kubricktrader]

Fuck KEN!!!

[the_poet]

Fortune.com - "IMF Head: Cryptocurrency Could Be the Future. Really." 

[giveen]

He is right this decentralised platform or currency is what angers the government officials they are right in one way they want to get the tax and stop illegal activities. Btc won't completely collapse if you see the price it is at it's highest peak and this is without  american and chinese investors that price would collapse put btc won't be over they can regulate every single coin simply btc would get replaced.

[Mpamaegbu]

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

Honestly, there is a reason I don't pay attention to these CEOs (whether ex or still serving) and the so called renowned financial experts and analysts. Haven't they all been proved wrong about the bitcoin this year with their $2,500 maximum high for the coin? Come on, they should just give us a break. They truly don't comprehend what this is all about.

About tax evasion, yes a strong argument could be put forward in respect to that because of the decentralized nature of the bitcoin. But if the various governments are serious about getting the tax deducted from the Bitcoin transactions, they should fashion a way to do that and quit complaining.

[marky89]

What Dimon and Rogoff were stating is true: bitcoin is inviting tax evaders and money launderers due to its decentralized and pseudo-anonymous transactions. AML and KYC regulations should be present and followed by all exchanges, and it could be a way to prevent illicit activities from happening, but not preventing it completely. This may be the reason why China and the US are still stubborn about talks regarding bitcoin.

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

I think Rogoff and Dimon make critical claims against Bitcoin that can just easily be made against the Dollar or Euro or Yen.

I don't hear these "captains of industry" talking about how the Dollar's going to collapse because it's used to fund drug deals, illegal arms buys, terrorism, corruption, etc.

I don't hear them talking about how the Dollar's a fraud because a centralized group of people can decide to make more whenever they want, thus reducing the value of every other unit of the currency already in the market.

Their arguments are hollow. They aren't rooted in any fact-based analysis.

Their arguments are less applicable to national currencies themselves. Rather, their arguments apply to cash, which has similar semi-anonymity and lack of centralized clearinghouse for transactions. I think the powers that be would generally love to eliminate cash, as well as cryptocurrency usage. The more intelligent among them probably realizes that they certainly can't eliminate the latter.

But guys like Dimon and Rogoff are just in disbelief, I think, at the lack of controls put on cryptocurrencies as compared to legacy banking. They want governments to ban their usage and they think this will be enough to make them merely niche and hobbyist status. But they are probably wrong -- cryptocurrency satisfies the growing demand for exit from fiat currencies as storage of wealth. The demand is there. Banning it won't change that.

[Danslip]

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

Honestly, there is a reason I don't pay attention to these CEOs (whether ex or still serving) and the so called renowned financial experts and analysts. Haven't they all been proved wrong about the bitcoin this year with their $2,500 maximum high for the coin? Come on, they should just give us a break. They truly don't comprehend what this is all about.

About tax evasion, yes a strong argument could be put forward in respect to that because of the decentralized nature of the bitcoin. But if the various governments are serious about getting the tax deducted from the Bitcoin transactions, they should fashion a way to do that and quit complaining.

Everyone can make a mistakes. But this smart guys know what they are doing with giving false news to coin media. They are excited about blockchain but not same feelings about bitcoin. Come on They should be sorry that they didnt accumulate cheap btc during a year..

[eaLiTy]

If Kenneth Rogoff was such an brilliant economist he could have predicted the economic meltdown and saved the US and the world over from the economic policies they have taken during his reign at IMF and really made some changes and he could not even predict how the situation was in a bubble during his reign and could burst eventually and now he is predicting about the price of bitcoin and how the bubble could burst. 

[batang_bitcoin]

Fortune.com - "IMF Head: Cryptocurrency Could Be the Future. Really." 

Nice catch mate! Ha.ha.ha.

-snip-

They will be pressured by the government but bitcoin is money and these people are in the same state of making money and will always want to earn money. I doubt it that they are really talking for themselves, they are just the same as before. Look after Dimon's statement the price skyrocketed and now Rogoff? Okay expect a skyrocket.

[EcoChavCrypto]

It is plenty of those bigger investors that are trying to spread FUD over bitcoin, it is full of them and we can see the same thing everyday. But i dont understand why do they want to make bitcoin go down, it is weird, because the price will always recover to it's all time high, and this has been happening for a lot of time.
Obviously that we are in a bubble, but nobody knows when it will collapse.

[McKane]

What do you think about Rogoff's statements? Is he making a good point or is he only making things look good for the USD?

Honestly, there is a reason I don't pay attention to these CEOs (whether ex or still serving) and the so called renowned financial experts and analysts. Haven't they all been proved wrong about the bitcoin this year with their $2,500 maximum high for the coin? Come on, they should just give us a break. They truly don't comprehend what this is all about.

About tax evasion, yes a strong argument could be put forward in respect to that because of the decentralized nature of the bitcoin. But if the various governments are serious about getting the tax deducted from the Bitcoin transactions, they should fashion a way to do that and quit complaining.

Everyone can make a mistakes. But this smart guys know what they are doing with giving false news to coin media. They are excited about blockchain but not same feelings about bitcoin. Come on They should be sorry that they didnt accumulate cheap btc during a year..

The thing is that everybody learn from their mistakes because only mistake can teach them how to become a success after next mistake. Bitcoin is on the way to success because it is going on the top of currency in the ending of year because it has crossed many records now up coming record is 12000 USD so let's see.