The regulation will come in. The government will win. It doesn’t matter what the technology is.

“So, I think over the long run if there’s not a use, the bubble will burst. I hope there’s not such a valuable use but I suppose it’s a hedge against dystopia,” he further opined.

Rogoff was then asked, “would you advise Secretary Yellen at Treasury that the U.S. should be proactive in instituting that regulation which could collapse the price of cryptocurrency?”

He simply replied: “Yes, that’s just true across the board. It needs to be regulated … I think governments are on it. It’s not being used that widely and I suspect although the bitcoin lobbyists have been successful in getting it in some places, that won’t last.”

Rogoff has long been a bitcoin skeptic. In 2018, he told CNBC that the cryptocurrency was more likely to be worth $100 than $100K a decade from then. “Basically, if you take away the possibility of money laundering and tax evasion, its actual uses as a transaction vehicle are very small,” the former IMF chief economist said.

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