Harvard Professors Predict Bitcoin Collapse Due to Government Regulation

[cryptoroi]

This threat of financial oblivion will eventually create an environment where regulation will crunch the Bitcoin. Eventually, Bitcoin will be destroyed by the weight of government regulation, Professor Kenneth S. Rogoff believes. This is according to some Harvard economics professors. He said: This is a famous ban on China (ICICI Prasad) and China restricted access to Bitcoin exchange. It has limited reach or exchange of bitcoins and other cryptocurrencies as many countries. This possibility is certainly real for government regulation.

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[Snail2]

How govts would do that? Will police visit every home across the world searching for mining software and check every USB stick and pice of paper after cold wallets ? How they are planning to deal with decentralized exchanges?

[totnaksquad]

This is very possible to happen,some countries start regulating the use of cryptocurrencies i know this is alarming but it is the fact.

[fatlever]

There would be a huge drop in price but it would find a floor then start rising again. 

Also, it's not trivial to ban Bitcoin in democratic countries.  There not only has to be a good argument for it but there has to be legal justification unlike in China where a central authority decides everything behind closed doors. 

[darkangel11]

How govts would do that? Will police visit every home across the world searching for mining software and check every USB stick and pice of paper after cold wallets ? How they are planning to deal with decentralized exchanges?

Just like they're banning the production of marihuana. Back when it was completely unregulated there were places in Canada where people were growing on every street, mostly in basements, and treating it like a side income. And you could actually spend some time in jail for this but it never stopped people from doing it, until finally the law became more and more lenient. I believe if BTC were to be banned it would go underground for a while and that's it.

[Albe96XDAa]

It is not easy for them to take control over but they are able to find many ways and means to disrupt the market and cause huge damage. Anything can happen and those that can predict the future can still be a winner in whatever situation

[QuestionAuthority]

The govt can’t destroy bitcoin. All the corporate leeches are going to do that.

[khaled0111]

Governments can affect Bitcoin price and make it harder to use it but they can never destroy it.
Bitcoin is decentralized and that what prevents governments from shutting it down, there will be always anonymous nodes running somewhere.

[cozk]

It worked good for pirated movies and music.

[DroidR17A]

For every expert predicting the demise of cryptocurrencies, there's an opposing expert saying the opposite. The thing to look at, at least in the US, is the rise of institutional investors getting into cyrpto. Even the NASDAQ is planning on launching a BTC futures desk in the next few months. With institutional investors onboard, it becomes extremely difficult to ban it, but they can enforce tighter AML/KYC rules, which isn't necessarily a bad thing (unless you've got something to hide).

[TeLlMeFrY]

I think that the Government Regulations and the laws can affect negatively for some months the value of bitcoin. However to say that Government will destroy Bitcoin is very pessimistic and I don´t think that it can be possible.

[minersday]

How govts would do that? Will police visit every home across the world searching for mining software and check every USB stick and pice of paper after cold wallets ? How they are planning to deal with decentralized exchanges?

Easy, they are "proffesors" "politicians" and they think that they can manipulate as much as they can, in fact, they can just start a new law and fuck everybody who is using bitcoin, but it wont stop anything, honestly.

If they stop bitcoin, there is going to be another group of people who will start using it again, with proxies, tor, socks, there isn't any way in that they can really stop it.

And bitcoin ends.. god, there are going to be thousands of new coins

[Phalo]

I dont even know why these professors like giving their baseless opinions. I dont why we bother listening to them.

[MediChain]

How govts would do that? Will police visit every home across the world searching for mining software and check every USB stick and pice of paper after cold wallets ? How they are planning to deal with decentralized exchanges?

Well the first thing they would do would be to just freeze all bank accounts (with all their money in them) that interacted with any cryptocurrency by sending or receiving funds. That would isolate cryptocurrencies.

Remember how while Thomas Gresham's Royal Exchange founded in England in 1571 brought immense financial wealth into a small country previously dependent on wool trading in many other countries (maybe all) financial regulation prevented the growth of industry and trade - for example many branded charging of any interest as usury.

So they may not think out the benefits before locking themselves out from them.

[Pixyoxx]

These kind of predictions although are alarming but not completely the truth but mere opinion of some educated minds.

Not necessarily will thesd things happen. Governments are not making bitcoins illegal, rather they are refusing to accept it. This shows hope that in future they may accept aswell.

With the benefits of digital currencies, its a no brainer that cryptorrency are going to be the new money in future.

[HabBear]

This is a famous ban on China (ICICI Prasad) and China restricted access to Bitcoin exchange.

China hasn't banned Bitcoin. There's been rumors, only rumors. China has banned exchanges from operating in China and the existence of ICOs in China.

It has limited reach or exchange of bitcoins and other cryptocurrencies as many countries. This possibility is certainly real for government regulation.

Fortunately, the ecosystem lives on regardless of Government opinion.

Next time, could you please provide a link of the study you're referencing. It's easier for us to offer you responses if you give us the actual information you want us to comment on. Cheers.

[NorrisK]

Bans have been going around for a long time and have only been causing temporary panic sells so far..

Goverment regulation in the big picture is quite unavoidable and I think it is time for everybody to accept that.

[bitbunnny]

Don't believe in that. Just because he is Harvard professor that doesn't mean he is qualified enough to discuss such aspects of Bitcoin and cryptocurrencies.
I also don't think that Bitcoin regulation does necessary have the negative impact and that will go in the same way like in China. So, don't be afraid and don't believe everything you hear about Bitcoin.

[Argoo]

This opinion is too exaggerated. Bitcoin can not fail because of state regulation. Even the conducted case with its regulation in China proves nothing. There, bitcoin population continues to use, people through the Internet solve all their problems, and bitcoin continues to walk in this country. In addition, the government of China has not yet determined the final policy regarding the crypto currency and its measures are contradictory. Perhaps, it will be convinced of the hopelessness of the measures taken and let the crypto currency in free circulation.

[newbie-hero]

This threat of financial oblivion will eventually create an environment where regulation will crunch the Bitcoin. Eventually, Bitcoin will be destroyed by the weight of government regulation, Professor Kenneth S. Rogoff believes. This is according to some Harvard economics professors. He said: This is a famous ban on China (ICICI Prasad) and China restricted access to Bitcoin exchange. It has limited reach or exchange of bitcoins and other cryptocurrencies as many countries. This possibility is certainly real for government regulation.

I do not think that the government will destroy bitcoin, because many authorities are interested in multiplying their funds with the help of crypto currency. Perhaps they will only introduce taxation for the exchange of bitcoins for ordinary money and mining.