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Harvard economist sees a grim future ahead for Bitcoin

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Harvard economist Kenneth Rogoff told CNBC on Monday that he anticipates a huge drop in the value of Bitcoin in the years ahead — with the cryptocurrency more likely to be worth $100 than $100,000 in a decade. According to Rogoff, Bitcoin will face reduced adoption because of a lack of legitimate transactional uses and increased regulation by governments around the world.

The state of play: Japan and Australia both took action in 2017 to regulate Bitcoin to fight against money laundering. And South Korea recently implemented regulations that went even further — by only allowing cryptocurrency trading from bank accounts belonging to a verified person.