Bitcoin News Today: Bitcoin Surges Past $100K as Rogoff Admits Underestimating Market Dynamics

Bitcoin’s recent performance has upended long-standing predictions, including those from prominent figures such as Harvard economist Kenneth Rogoff. Known for his critical stance on digital assets, Rogoff had previously forecasted that Bitcoin’s price would drop to around $100, far below the $100,000 threshold [1]. However, in a surprising acknowledgment on social media, he admitted that his earlier forecast was inaccurate, marking a significant shift in his perspective [2].

Rogoff attributed his miscalculation to three key factors he had underestimated. First, he noted that U.S. policymakers had not demonstrated the regulatory rigor he had expected, which had allowed for the continued growth of the crypto sector despite concerns about illicit financial activity [3]. Second, he pointed to Bitcoin’s role in unregulated financial systems, particularly in the global underground economy, which provides a price floor due to its utility as a medium of exchange [4]. Third, he highlighted a lack of accountability among regulators who may hold large crypto positions while overseeing the market [5].

At the time of Rogoff’s comments, Bitcoin was trading near $113,500, having previously reached a record high of around $124,500 in August. The price has since pulled back, with analysts describing the movement as a period of consolidation amid broader market uncertainty [6]. This trend underscores the evolving dynamics of the crypto market, where traditional economic models are increasingly being challenged by new forms of on-chain analysis and network-level metrics.

The admission has sparked renewed interest among traders, many of whom are now looking beyond speculative narratives and macroeconomic forecasts to better understand the underlying drivers of crypto markets. Unlike traditional asset classes, where central bank policies play a dominant role, digital assets are shaped by a unique interplay of technology, regulation, and institutional adoption [7].

While some analysts have linked Bitcoin’s recent stabilization to factors such as ETF inflows and growing institutional participation, these remain speculative and should not be interpreted as guaranteed trends [8]. Nevertheless, the broader market is clearly adapting to the shifting landscape, with more investors treating crypto as a legitimate asset class.

Rogoff’s revised stance reflects the complexity of forecasting in a market that continues to evolve rapidly. His reevaluation also signals a growing recognition among financial experts that traditional frameworks may no longer be sufficient to fully capture the dynamics of digital assets [9].

Sources:

[1] Harvard Economist Got Bitcoin Wrong—Now Traders Eye Crypto’s True Drivers (https://news.bitcoin.com/harvard-economist-got-bitcoin-wrong-now-traders-eye-cryptos-true-drivers/)

[2] Market panic is back (https://www.bitdegree.org/crypto/news/market-panic-is-back)

[3] Bitcoin News Today and BTC Predictions (https://cointelegraph.com/tags/bitcoin)

[4] MARKETS - TheStreet Crypto: Bitcoin and cryptocurrency (https://www.thestreet.com/crypto/markets)

[5] Spot Bitcoin ETFs post $523 million in daily outflows (https://www.coinglass.com/ru/news/537497)

[6] XT Community News (https://www.xt.com/en/blog/community-news/2025-08-20T07:00:00.000Z)