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Harvard economist sees a grim future ahead for Bitcoin

Photo: Chesnot / Getty Images

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.

Axios 14 hours ago
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Steve LeVine 15 hours ago
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U.S. panics over China tech threat

A prototype C919, China's foray into civilian aviation. Photo: Qilai Shen / Bloomberg / Getty

The U.S. is experiencing a revival of Japan syndrome, harking back to the late 1970s when "Made in Japan" abruptly stopped being a source of mirth, Americans began to snap up Toyotas and Nissans in big numbers, and Detroit sank into a profit-and-jobs bloodbath.

The big picture: Five years ago, American technologists sneered at China's Baidu and its new search engine. But "they aren't laughing anymore," says Gregory Allen, an AI expert at the Center for a New American Security. "Now they are marveling at Baidu's advances in artificial intelligence."