Galaxy head of research Alex Thorn said bitcoin’s October all-time high above $126,000 did not clear $100,000 when adjusted for inflation.
Thorn wrote Tuesday that, in 2020-dollar terms, bitcoin “never crossed $100,000.”
Thorn added:
“It actually topped at $99,848 in 2020 dollar terms, if you can believe it.”
How Thorn calculated the inflation-adjusted peak
Thorn said the adjusted high accounts for the Consumer Price Index (CPI) decline in purchasing power “incrementally across every inflation print from 2020 to today.”
The CPI is published by the US Bureau of Labor Statistics and tracks price changes for a basket of goods and services.
US inflation and dollar purchasing power
The Bureau of Labor Statistics reported in November that CPI rose 2.7% over the past 12 months, not seasonally adjusted.
Thorn’s post referenced the broader loss of purchasing power since 2020, with the dollar down about 20% over that period.
DXY weakness and the “debasement trade”
Thorn also pointed to US dollar declines in 2025, citing the Dollar Currency Index (DXY) as down 11% year-to-date to 97.8, with a three-year low of 96.3 in September.
