Harvard economics professors predict a future collapse for Bitcoin due to government rules
According to some economics professors at Harvard, Bitcoin will eventually be destroyed by the weight of government regulation. Professor Kenneth S. Rogoff believes that the risk of financial anonymity will eventually create an environment where regulation could destroy cryptocurrency. They said:
"Small anonymous transactions with virtual currencies ... would be desirable, but to large-scale anonymous payments it would be difficult to calculate taxes, or to counteract criminal activities."
The perspective is shared, albeit in a different vein, by the counterpart Jeffrey A. Miron, whose libertarian outlook makes him more liberal. However, he believes that central governments will eventually take this technology out of existence.They said:
"The government could let cryptocurrencies exist peacefully, and not accept them as payment methods, and that's what I think I should do. But what I think is that sooner or later governments will regulate cryptocurrencies and make them disappear. "
The potential for government regulation is indeed true, and the sample is that multiple nations have limited access or exchanges of Bitcoins and other cryptocurrency. China eliminated the ICOs (initial offers of currencies), and has restricted access to Bitcoin exchanges.
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