Kenneth Rogoff, an economics professor at Harvard University, has recently claimed that the government will definitely regulate Bitcoin. He believes that if the government introduces regulations for Bitcoin, it won’t be able to flourish on the large-scale. Rogoff made these statements regarding Bitcoin in an interview on Bloomberg. Rogoff also mentioned that he has always been a Bitcoin skeptic and nothing has changed after the price surge as well.
Kenneth Rogoff Believes Government Won’t Allow Bitcoin on Large Scale
Kenneth Rogoff has mentioned that there is a huge probability that the government is not going to allow pseudonymous transactions on a very large scale. He mentioned that regulation will definitely come no matter what the technology will be.
Kenneth Rogoff also believes that Bitcoin is not much valuable as Bitcoiners think it to be. Moreover, if regulations are introduced, then there won’t be any use of Bitcoin in the long-term. He stated:
“It’s not being used that widely and I suspect although the bitcoin lobbyists have been successful in getting it in some places, that won’t last.”
Crypto Regulations Might be Around the Corner
Although, it is not only Kenneth Rogoff who is emphasizing crypto regulations, as Janet Yellen had also given statements regarding the need for crypto regulations. Before giving the written statement, she had mentioned that cryptocurrencies are majorly used for illicit financing. She later gave the new statement, where she emphasized majorly the need for proper crypto regulations to fruit its benefits. Along with her, Christine Lagarde, President of ECB, has called on all the countries to regulate Bitcoin, as well as associate Bitcoin with money laundering activities.
However, several lawmakers believe that the government does not have any control over Bitcoin, and they should not try to do that. In the U.S., crypto users are keeping really high hopes from the Biden administration and believe that this sector might flourish under the administration.