Harvard Professor Kenneth Rogoff, who predicted in 2018 that Bitcoin would drop to $100 in a decade, has reflected on the cryptocurrency's soaring value, which has surpassed $100,000. Rogoff initially believed that regulators would effectively limit Bitcoin's use for illicit activities. However, he now acknowledges that he underestimated Bitcoin's integral role in the underground economy, which has helped stabilize its price. He criticized the regulatory environment for being lax, allowing Bitcoin to thrive beyond his expectations. Rogoff emphasized the unexpected demand for Bitcoin as a medium of exchange within a vast underground economy, drawing a connection to the conflict of interest among regulators who hold substantial Bitcoin investments.

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