A former Chief Economist and a Professor of Economics at Harvard, Kenneth Rogoff, says that he believes the central banks around the world would not allow cryptocurrencies like Bitcoin and the rest to enjoy public adoption. According to him, “eventually over the long course of history, the government first regulates and then it appropriates, and I think we can see that happening here.” He made this statement in a recent interview with CNBC.
The Professor went on to mention that Bitcoin has enjoyed the support of leading figures in the public recently and that has led to a renewed level of confidence in the asset. He added that the asset was already being used as a means of transaction in certain places and that is a very good use case for the digital coin.
Rogoff also highlighted the fact that the authorities were paying very close attention to the crypto asset while making references to institutions like the Bank for International Settlements (BIS), the G7, and the G20 who are currently “closely watching the cryptocurrency.” He then proceeded to predict that the governments around the world might begin to clampdown on Bitcoin the moment it begins “to compete with ordinary, fiat currencies, government currencies, I think they’ll clamp down on it like a ton of bricks. They are not going to allow that to happen.”