Galaxy Research indicates that when adjusting for US inflation using 2020 dollars, Bitcoin's peak value has not yet exceeded $100,000, topping at about $99,848. The US dollar's purchasing power has declined roughly 20% since 2020 due to persistent inflation and dollar weakness. This environment continues to support the narrative of Bitcoin as a hedge against fiat currency debasement, while market sensitivity to Federal Reserve policy remains a key influence on Bitcoin’s price.