Bitcoin hasn’t actually cracked $100,000 not if you adjust for inflation, anyway. That’s what Alex Thorn from Galaxy Digital keeps reminding everyone. Sure, Bitcoin’s price charts have thrown out some wild numbers lately, but if you step back and factor in how much the dollar’s lost its punch, you’ll see we’re not quite there yet.

Thorn’s point is simple: just because you see big numbers doesn’t mean they buy as much as they used to. The $100,000 milestone that’s got so many people buzzing? In real, inflation-adjusted dollars, Bitcoin still hasn’t pulled it off. In other words, the thrill of reaching six figures fades a bit when you realize $100,000 today just isn’t the same as it was during the last cycle’s peak.

This changes the conversation around Bitcoin’s current run. If you look at the surface, yeah, Bitcoin seems to be flexing. But dig a little deeper, and Thorn says it’s still catching up to its old self in terms of what that money can actually buy.

For long-term investors, this stuff matters. You need to know the real return, not just the headline number. It’s easy to get swept up in the hype, especially when the market’s being tossed around by interest rate changes and government spending. Thorn isn’t saying Bitcoin’s done nothing it’s just that the real test hasn’t happened yet.

So until Bitcoin hits that $100,000 mark in true, inflation-adjusted dollars, the celebration feels a bit early. For now, the final breakout is still on hold.