Bitcoin came just shy of hitting a milestone six figures when inflation is factored in, despite the cryptocurrency hitting an all-time peak of above $126,000 in October, says Galaxy head of research Alex Thorn.
“If you adjust the price of Bitcoin for inflation using 2020 dollars, BTC never crossed $100,000,” Thorn said on Tuesday.
“It actually topped at $99,848 in 2020 dollar terms, if you can believe it.”
Thorn said his adjusted price high for Bitcoin (BTC) accounted for the Consumer Price Index (CPI) decline in purchasing power incrementally across every inflation print from 2020 to today.
CPI measures inflation via the prices of a basket of goods and services and is calculated by the US Bureau of Labor Statistics to track changes in spending habits.
The agency reported in November that the CPI rose 2.7% over the last 12 months, not seasonally adjusted, decreasing the purchasing power of the dollar, which has lost around 20% of its value since 2020.
_BTC did not reach six figures if counted in 2020 dollars. Source: _Galaxy Research
US inflation remains high
Today, the price of goods is 1.25 times higher than in 2020, according to the CPI, and a dollar today only buys around 80% of what it could buy back then.
**Related: **__Bitcoin hunts liquidity as US CPI inflation drops to lowest since 2021
Inflation in the US skyrocketed above 9% in mid-2022 during the COVID-19 pandemic and remains above the Federal Reserve’s 2% target.
Dollar Index plunges in 2025
US dollar declines have accelerated this year as measured by the Dollar Currency Index (DXY), which compares the US dollar to a basket of global currencies.
The DXY has fallen 11% since the beginning of the year to 97.8, according to TradingView. The index hit a three-year low of 96.3 in September and has been trending downward since October 2022 as the dollar loses ground against other currencies.
This has given rise to the “debasement trade,” an investment strategy where traders buy assets they believe will hold or increase value as fiat currency loses purchasing power.
**Magazine: **__Bitcoin may dip to $65K in 2026, Clarity Act speculation grows: Hodler’s Digest
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin ETFs See $213M Daily Inflow, Ethereum ETFs Record $83M Outflow on April 24
Gate News message, according to the April 24 update, Bitcoin ETFs recorded a single-day net inflow of 2,733 BTC (approximately $213.15 million), with a 7-day net inflow of 18,232 BTC (approximately $1.42 billion). Ethereum ETFs showed a single-day net outflow of 35,713 ETH (approximately $82.93 mill
GateNews30m ago
Bitcoin Breaks $78,000 but Falls 0.47% Intraday
Gate News message, April 24 — Bitcoin broke through $78,000 today, though it recorded a 0.47% decline over the intraday period.
GateNews1h ago
Project Eleven awards Q-Day 1 BTC bounty: researchers use a quantum computer to crack a 15-bit elliptic curve key
Project Eleven, a nonprofit organization focusing on research into “Q-Day (Quantum Computer Breaks Blockchain Cryptography Day),” announced on 4/24 that it would award a $1 Bitcoin bounty to independent researcher Giancarlo Lelli. Using a Shor algorithm variant on publicly accessible cloud quantum computer hardware, Lelli successfully cracked a 15-bit elliptic curve key—marking the largest public quantum attack demonstration to date.
Attack Scale and Significance
Project Content Winner Giancarlo Lelli (Independent Researcher) Attack Target 15-bit elliptic curve key, searching 32,767 possibilities Using Hardware Publicly accessible cloud quantum computers Algorithm Shor
ChainNewsAbmedia1h ago
Nasdaq-Listed Nakamoto Unveils Active Bitcoin Derivatives Strategy Since Q1 2026
Gate News message, April 24 — Nakamoto, a Nasdaq-listed company, has announced an actively managed Bitcoin derivatives program running since Q1 2026. The strategy aims to generate recurring volatility income from a portion of the company's Bitcoin holdings while hedging against downside price
GateNews1h ago
Metaplanet Issues $50 Million in Zero-Interest Bonds to Fund Bitcoin Purchases
Gate News message, April 24 — Japanese bitcoin treasury firm Metaplanet announced on Friday that it is issuing 8 billion Japanese yen (approximately $50 million) in zero-interest ordinary bonds to fund future bitcoin purchases. The bond issuance was fully subscribed by EVO Fund, a Cayman
GateNews1h ago
Abraxas Capital Deposits 4,835 BTC Worth $378M to Major CEX
Gate News message, April 24 — According to on-chain data tracked by Lookonchain, Abraxas Capital deposited 4,835 BTC, valued at approximately $378 million, to a major CEX in the past hour.
The institutional investor also transferred 6,000 XAUT tokens, worth approximately $28 million, to several maj
GateNews2h ago
