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Bitcoin to Drop in Value, Say Harvard Economics Professors

Bitcoin has been in news almost every week this past year owing to various reasons including its decentralized banking structure, anonymity and a host of other reasons. The surge in the value of the cryptocurrency has been another reason for its rise in popularity. According to Harvard Economics Professors, the sudden increase in the value of Bitcoin is not sustainable and is set to drop owing to government regulations. Started in 2009, the Bitcoin has caught the attention of many in the market with its 1900 percent rise in value. Operating on blockchain technology, the cryptocurrency lacks a centralized authority and details about transactions are stored in ledgers. The cryptocurrency traded at around $5 to $20 in its early years before skyrocketing to a mind-boggling $20,000 per coin last year and settling down at $16,000 by the end of 2017.

 “My guess is that sooner or later governments are going to regulate cryptocurrencies out of existence,” Economics professor Jeffrey A. Miron said.

Economics Professors Predict Bitcoin Will Drop in Value

“My guess is that sooner or later governments are going to regulate cryptocurrencies out of existence,” Economics professor Jeffrey A. Miron said.

 Cryptocurrencies have been in news for well over a year now and have given rise to two separate groups. The first consisting of people who consider Bitcoin and other cryptocurrencies to be the future of transacting online while the other made up of skeptics who think that decentralized banking is a bubble set to burst. The recent decline in value has raised many questions about whether cryptos will be able to maintain their success in the market or lose steam due to appropriations and regulations imposed by governments.
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