of the news for bitcoin price of Cointelegraph (News about Bitcoin, Ethereum and the blockchain)
Bitcoin price 'probably reach $ 100' without illicit uses .....
A Harvard economist told CNBC on Tuesday, March 6 that Bitcoin is "more likely to be worth $ 100 than $ 100,000" by 2028. Speaking to reporters during an edition of the Squawk Box segment of the network, professor and economist Kenneth Rogoff hinted that Bitcoin only had value for its use in "money laundering and tax evasion."
"I see $ 100 as something much more likely than $ 100,000 in ten years," he said, and continued:
"Basically, if you eliminate the possibility of money laundering and tax evasion, the real uses of [Bitcoin] as a transaction vehicle are very small."
Rogoff joins a dwindling number of traditional finance figures who still maintain a strong anti-Bitcoin stance. Despite high profile pessimists such as JPMorgan CEO Jamie Dimon, retracting their negative opinions in recent months, others remain very skeptical.
Last month, Berkshire Hathaway vice president Charlie Munger adopted a particularly harsh tone, telling the audience during an AGM speech that Bitcoin was "totally disgusting" and that people who invested in it "disliked" him.
Despite mixed perspectives on price performance, Bitcoin's involvement in organized crime has been more seriously challenged this year. Although this month Europol suggests that up to $ 5.5 billion per year will be laundered using cryptocurrencies, Bitcoin in particular has lost favor with the perpetrators, who allegedly prefer other more anonymous assets such as Monero.
The bitcoin (sign: BitcoinSign.svg; abr .: BTC, XBT) 3 is a cryptocurrency, payment system4 and merchandise.5 Note 1 The term also applies to the protocol and the P2P network that supports it, and Commonly classified as digital currency.6 Conceived in 2009,7 the ultimate identity of its creator or creators is unknown, appearing under the pseudonym of Satoshi Nakamoto. It is based on blockchain technology, similar to a large accounting book, public and distributed, which reflects the history of all transactions, in what is known as a block chain, hardly falsifiable.8 Bitcoin is generally used to refer to the network or protocol and bitcoin (also recommended in Spanish bitcoin, 9 plural bitcoines) to refer to monetary units.
Differences with national currencies
Currently, almost all national currencies, such as the euro or the dollar, are fiat money. That is, central banks issue currency through the creation of debt62 that is multiplied through commercial banks and the fractional reserve system. Bitcoin, also with a fiduciary nature, uses a work test system to simulate the mining of raw materials.63
Without an intrinsic value both bitcoin and paper money, in favor of the latter plays the support of governments and central banks, while bitcoin lacks that support and its operation (you can only exit and recover the funds if other users are willing to buy them) would resemble a Ponzi scheme or pyramid scheme in which the investment is recovered when new funds are brought into the system.64
