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Harvard economist claims bitcoin price drop

Harvard professor and economist Kenneth Rogoff said Tuesday that the potential for bitcoin prices to fall to $ 100 is greater than the digital currency's trading price of $ 100,000 a decade from now.

"I think the value of Bitcoin would be a fraction of what it is now if we were about to exit ten years from now ... I would see that $ 100 is probably much more than $ 100,000 ten years from now," Rogoff told CNBC. . Screaming box ".

"If the opportunity for money laundering and tax evasion is taken away, its actual use as a means of transactions will be minimal," said the former chief economist of the International Monetary Fund.

Many illegal transactions have been linked to Bitcoin, the estimates of which vary in proportion to the use of the digital currency used in illegal activities. According to Shawn Anstee, co-founder and director of the Blockchain Intelligence Group, the level of illegal transactions dropped to 20 percent in 2016 and was "much lower" in 2017.

Rogoff said regulations introduced by the government will cause Bitcoin prices to drop, although he stressed that it will take time to develop a global regulatory framework.

"It has to be a global regulation. Even if the United States abolishes it and China launches draconian measures, but Japan has not done so, people will still be able to launder money through Japan," he said.

According to the industry site CoinDesk, Bitcoin traded around $ 11,242.61 during Tuesday's trading in Asia. The price of the digital currency has declined this year from over $ 19,000 in December of last year.

The authorities have been acting negatively on the regulation of bitcoin and the reason for this is the expectation of the technology behind the digital currency, according to Rogoff.

"They want to see technological progress," Rogoff said, adding that the private sector has historically "designed everything" in the history of the currency, from single coins to fiat currencies.

Bitcoin is a major growth area as an application of blockchain technology that allows transactions to be maintained and recorded.

However, in the past there have also been allegations of low bitcoin prices. Before selling Bitcoin in December of last year, Rogoff said last October that estimates for the digital currency would "collapse" amid attempts by governments to regulate the space.