Rogoff Admits 2018 Bitcoin Call Was Wrong After $124K Peak
Harvard economist Kenneth Rogoff has admitted his 2018 Bitcoin prediction was wrong. He forecast BTC would collapse to $100 rather than top $100,000, a call made when Bitcoin traded near $11,200. Rogoff now cites three factors that upended his view: clearer regulation boosting demand, Bitcoin’s role in the $20 trillion underground economy, and institutional inflows via Bitcoin ETFs. The revised Bitcoin prediction underscores how he also underestimated Bitcoin’s appeal as a store of value. This acknowledgment follows Bitcoin reaching an all-time high of $124,000 on August 14, 2025, before a 7.3% correction over the subsequent week. At press time, BTC trades around $112,600 after a 2.1% dip in 24 hours, remaining up 86% year-on-year. The reversal highlights the gap between academic forecasts and market reality, emphasizing how regulatory clarity and ETF inflows continue to underpin Bitcoin’s market strength. Traders should monitor shifts in sentiment and ETF volumes for potential impacts on Bitcoin’s price stability.
Bullish
Rogoff’s revised Bitcoin prediction and his public admission underscore the strong institutional support and regulatory clarity driving the recent rally. In the short term, traders may see volatility as ETF flow data and regulation news hit the market. However, Bitcoin’s ability to reach a $124,000 peak and maintain an 86% year-on-year gain demonstrates robust long-term bullish momentum. Overall, the news reinforces Bitcoin’s store-of-value narrative and is likely to sustain demand, supporting a bullish outlook.