NEW: Harvard economist Kenneth Rogoff
tries to make excuses on why he was so horribly wrong about Bitcoin.
Discussion
Ngl his 3 point makes sense. Obviously some high profile politicians stacked before giving the green light
Agreed. However we had the opportunity to stack even before they did.
Clearly never been to prison and never got the concept of a dilemma
No need to read his book about how crypto is for bad people and stuff. The real brains at Harvard have been hovering up IBIT.
He's not making excuses. He is acknowledging his wrongness while shifting goalposts.
And he still doesn’t get it
He is correct actually. Main use of Bitcoin is inflation tax evasion.
Main use of Bitcoin is tax evasion.
Inflation tax evasion.
he keeps being wrong btw
Be patient with him: he’s already taken the first important step - admitting he was wrong. Now he’s digging into why, and what this Bitcoin thing is all about, realizing he formed an opinion about it too hastily. There are many different paths that lead down the rabbit hole - I know from experience.
With most people, I would agree with your sympathetic approach
But he's a "Harvard economist", and he has had ten years to do the research to earn his presumably-very-high salary. Before sending that tweet, he could have reached out to Bitcoin experts to really understand where he had made (and is still making) mistakes
Anyway, this is all extremely bullish for the BTC price. The current price is low because of all this ignorance 😃
We are witnessing the death of Keynesian economics. RIP.
I don't think that's true. It's possible to simultaneously be pro-Bitcoin and also believe in Keynes's approach for the pre-Bitcoin world
There will be multiple fiat currencies in use, alongside Bitcoin, for multiple decades to come and it's not clear how best to manage that. It'll be a new world, and I don't think we can blindly accept or dismiss any existing approach. Austrian economics might not be the perfect approach, even though some bitcoiners love it
Rogoff wasn't particularly Keynesian. In fact, his approach was anti-Keynesian during the crisis after 2008
Brought to ypu buy the guy that advocates for the abolition of cash and Negative Interest Rate Policy. 🤡
"What did I miss?"
When the powers that be kick you out of the Cantillionaire club, there is no alternative.
apnews.com/article/harvard-antisemitism-federal-grants-trump-3c8e4d2d3fa0c5083d98250078f95d00
He's talking about Monero without knowing it. Bitcoin is just an extension of TradFi these days.
Wait till Monero wakes up and destroys their house of cards.
100%. And these are the types at "elite" institutions..