Via the AFR:
Currency expert Kenneth Rogoff warns that Bitcoin is “totally a bubble” because governments will ultimately impose regulations on the anonymous crypto currency and depress its value.
“But you might get very rich first.”
…Dr Rogoff said Bitcoin is “not going to be worth much” within a decade.
“I don’t think it will be zero because countries like North Korea will adopt it.
“In the long run, governments will make it difficult to use in legal transactions and that will dramatically reduce its liquidity and value.”
“If you look at the history of currency innovation the private sector always thinks of things first and the government always comes in and regulates.”
Government’s should act now. But as usual they’ll be too slow and only come in when the thing has become so big that the bust may destabilise wider markets.
Like all pyramid schemes, do not be last out!