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Three of the world’s most respected economists have led a joint attack on bitcoin, claiming the digital currency will be “regulated into oblivion” as governments globally move to clamp down on money laundering.

Joseph Stiglitz, Nouriel Roubini and Kenneth Rogoff have renewed their assault on the cryptocurrency, believing it will be subject to further sharp and damaging falls as authorities crack down on criminals using bitcoin to launder money and avoid taxes.

Stiglitz, the Nobel Prize-winning economist, said: “You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system.

“If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that.”

The Columbia University professor added that the only reason global authorities have not clamped down on bitcoin is because the market is still relatively small. “Once it becomes significant they will use the hammer,” Stiglitz said.

The price of the digital currency has fallen sharply from a high of almost $20,000 in December last year to below $6,000 at the end of June. Rogoff, the former chief economist at the International Monetary Fund, said government regulation would trigger further steep falls.

“Bitcoin could easily be worth just $100 in 10 years,” said the Harvard University professor. “People in power will move to regulate anonymous transactions. That you can be sure of.”

Critics argue the digital currency has no intrinsic value and cannot readily be used as a means of payment.

Roubini, the famously bearish NYU economist who earned the nickname ‘Dr Doom’ for predicting the financial crisis, said: “For bitcoin to be a currency it has to be a unit of account, a means of payment, and a stable store of value. It is none of these. Bitcoin is not even accepted at bitcoin conferences, and how can something that falls 20% one day and then rises 20% the next be a stable store of value?”

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Although many within financial services have dismissed the rise of cryptocurrencies, the comments from these three acclaimed economists will hold extra weight and come as a blow to proponents of bitcoin. Its supporters are keen to see the cryptocurrency evolve from an instrument associated with money laundering toward one with greater legitimacy.

In the last few months, banks including Goldman Sachs and JPMorgan have taken steps to explore making money from cryptocurrencies.

But most large asset managers remain skeptical. In January, six of the world’s largest asset managers categorically ruled out investing in bitcoin.

In April, Warren Buffett said buying bitcoin is closer to gambling than investing. “If you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more,” said the 87-year-old head of Berkshire Hathaway.

This article originally appeared on Financial News.