Bitcoin Hasn’t Hit $100K in Inflation-Adjusted Terms, Says Galaxy’s Alex Thorn
Bitcoin (BTC $87,347.06) may have topped $126,000 in October, but when adjusted for inflation, it never actually broke six figures, according to Alex Thorn, global head of research at Galaxy Digital.
“Using 2020 dollars, BTC never crossed $100K,” Thorn wrote on X. “It peaked at $99,848 in 2020 terms.”
The distinction between nominal and real prices is key. Nominal reflects Bitcoin’s price at the time, while real adjusts for inflation, showing purchasing power relative to 2020, just before the Fed’s COVID-era stimulus.
Implications
- Bulls may see this as evidence that the $126,000 peak wasn’t as extreme, leaving room for further gains.
- Bears could argue that Bitcoin’s weaker inflation-adjusted performance questions its role as a hedge against dollar printing, though gold faces similar long-term challenges.
