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Bitcoin falls short of $100K after inflation adjustment

Written by Liezl GambePublished Dec. 24 2025Last Updated Dec. 24 2025

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Bitcoin reached a nominal all-time high above one hundred twenty six thousand dollars.

Galaxy Digital head of research Alex Thorn challenged the milestone narrative.

Thorn said bitcoin never truly crossed one hundred thousand dollars after inflation.

He adjusted bitcoin’s price using constant twenty twenty dollar values.

If you adjust the price of Bitcoin for inflation using 2020 dollars, BTC never crossed $100,000.

Alex Thorn said.

Thorn calculated bitcoin’s real peak at ninety nine thousand eight hundred forty eight dollars.

The analysis accounted for cumulative inflation since twenty twenty.

Thorn used Consumer Price Index data for each inflation print.

CPI tracks price changes across a basket of goods and services.

The index is published by the United States Bureau of Labor Statistics.

Inflation has steadily eroded dollar purchasing power since the pandemic.

The dollar has lost roughly twenty percent of its value since twenty twenty.

Goods today cost about one quarter more than five years ago.

A dollar now buys only eighty percent of its former value.

The CPI rose two point seven percent over the past year.

Inflation peaked above nine percent during mid twenty twenty two.

Price pressures remain above the Federal Reserve’s two percent target.

Thorn’s analysis reframes bitcoin’s milestone narrative in real terms.

The finding tempers claims of a historic six figure breakout.

Bitcoin’s recent pullback has renewed focus on macro conditions.

Inflation continues shaping asset valuations across markets.

Currency debasement has influenced long-term investment strategies.

United States dollar weakness intensified during twenty twenty five.

The Dollar Currency Index has declined eleven percent year to date.

DXY recently touched its lowest level in three years.

The index has trended lower since late twenty twenty two.

Dollar softness has supported interest in alternative stores of value.

Investors increasingly reference the debasement trade narrative.

This strategy favours assets perceived to preserve purchasing power.

Bitcoin is often cited within this framework.

Thorn’s comments add nuance to inflation hedge arguments.

Real value comparisons may reshape future price expectations.

Analysts say inflation adjusted metrics offer clearer context.

Market participants continue debating bitcoin’s long-term role.

Monetary policy and inflation remain central to valuation outlooks.

At the time of reporting, Bitcoin price was $87,041.46.