Bitcoin Nothing More Than a ‘Lottery Ticket’: Harvard Economist

Former IMF Chief Economist and current Harvard University Professor of Economics and Public Policy Kenneth Rogoff believes that bitcoin and other cryptocurrencies currently amount to little more than “lottery tickets” at this moment in time. Writing in the Guardian on Monday, Rogoff stated that while some believe that cryptocurrencies have had their day and are on an irreversible downward slide, it is actually difficult to say with certainty that their value will actually fall to zero.

In his view, several questions exist about the ability of large economies to successfully embrace cryptocurrency, which means that outside of joint regulatory action, national level adoption of cryptocurrencies will likely be pushed only by weak pariah states like Iran, Somalia, Venezuela, and North Korea. This he says, makes it difficult to predict the eventual fate of this asset class.

Rogoff Raises Questions about Bitcoin

In the article, Rogoff calls into question the very intrinsic…