Inflation Math Reveals Bitcoin Never Reached $100K

Galaxy Digital’s Alex Thorn revealed Bitcoin’s nominal $126,000 peak in October 2025 equates to only $99,000 in 2020 dollars, challenging its perceived milestone achievement.

The analysis suggests Bitcoin’s peak wasn’t a true $100K milestone, sparking discussions on inflation’s impact on cryptocurrency values and market perceptions.

Galaxy Digital’s Alex Thorn reveals Bitcoin’s nominal peak of $126,000 in October 2025 equates to $99,848 when adjusted for 2020 U.S. inflation.

The analysis challenges Bitcoin’s perceived milestones, illustrating inflation’s influence on real asset value, yet market reactions remain minimal.

Bitcoin’s 2025 Peak Reassessed for 2020 Inflation

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The analysis by Galaxy Digital’s Alex Thorn suggests that Bitcoin’s $126,000 nominal peak does not translate to a real $100,000 valuation. Thorn’s findings adjust the price to 2020 dollars, impacting perceptions of Bitcoin’s milestones.

“Bitcoin’s $126,000 nominal peak translates to just $99,848 in 2020 dollars.” — Alex Thorn, Head of Research, Galaxy Digital

Thorn highlighted that Bitcoin’s value, when adjusted for U.S. inflation, reaches only $99,848. This adjustment raises questions about how inflation affects cryptocurrency valuations, despite no immediate market shifts.

Investor Milestones Questioned Amidst Inflation Adjustments

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The revelation has not stirred immediate market changes, indicating a disconnection between nominal prices and real financial value. Investors might reconsider milestones reflecting real-dollar valuations.

Without policy changes or regulatory reactions, the focus remains on financial markets assessing inflation’s impact on asset valuations. The analysis underscores ongoing conversations about the real-world value of cryptocurrencies.

Unique Inflation-Adjusted Analysis of Bitcoin Peaks

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Unlike previous Bitcoin rallies, this analysis by Thorn is unique as it includes inflation adjustments, offering a perspective on true valuation not observed in prior peaks.

Future cryptocurrency analyses might increasingly incorporate inflation adjustments. Experts will likely explore whether real-dollar terms affect investor confidence and may influence future investment strategies.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.