Harvard economics educators, Bitcoin will in the long run be demolished through the action of government regulation, some Harvard economics professors say. Professor Kenneth S. Rogoff believes that the danger of financial anonymity will in the long run force itself to a heavily regulated environment which would eventually crash Bitcoin.
“Small anonymous transactions with virtual currencies…would be desirable but large-scale anonymous payments would make it extremely difficult to collect taxes or counter criminal activity.”
The viewpoint is shared, however in an alternate vein, by the counterpart, Jeffrey A. Miron, with Libertarian point of view. All things considered, he trusts that focal governments will in the end drive the innovation out of existence.
“It [government] could let cryptocurrencies peacefully exist, and not accept them as a means of payment, and that’s what I think it should do. But my guess is that sooner or later governments are going to regulate cryptocurrencies out of existence.”
The potential for government direction is real, as various countries have constrained access to or trade of Bitcoin and different cryptographic forms of money. China broadly prohibited ICOs (initial coin offerings) and has limited Bitcoin trade.