Harvard University Economics Professor Admits Misjudgment of Bitcoin

[Suba]

Quoted from the @krogoff account on X (August 19, 2025),
Harvard University Economics Professor Kenneth S. Rogoff admitted to misjudging Bitcoin's future. Ten years ago (a decade), when Bitcoin was priced at $330, Rogoff predicted it would drop to $100, instead of breaking through $100,000.

Rogoff's three prediction errors were:
1. The US would implement strict policies and regulations on Bitcoin.
2. Rugoff did not anticipate Bitcoin would be widely and globally used.
3. Weak regulations, making it easy for government officials to launder money into Bitcoin.

According to my personal observations, between 2015 and 2017, many government officials and academics opposed Bitcoin. Indonesian Finance Minister Sri Mulyani, for example, also stated that Bitcoin was a bubble that would eventually burst and become worthless. Furthermore, Bitcoin also had no intrinsic value. This is not unlike the opinion of Nobel Prize Laureate in Economics from Chicago Booth, Eugene F. Fama, who views Bitcoin as having no intrinsic value and high volatility, thus being the main obstacle to its use as a medium of exchange.

 

[Webster]

Harvard University Economics Professor Kenneth S. Rogoff admitted to misjudging Bitcoin's future. Ten years ago (a decade), when Bitcoin was priced at $330, Rogoff predicted it would drop to $100, instead of breaking through $100,000.

Just as I often say w/regards to public health authorities, "Remind me again why we should ever trust economists with (and on) anything?"