Alex Thorn from Galaxy Research says Bitcoin never truly crossed $100,000 when adjusted for inflation.

Using 2020 dollars, Bitcoin’s peak price was about $99,848, despite hitting over $126,000 nominally.

His calculation adjusts BTC’s price using CPI data from 2020 to today.

The US dollar has lost roughly 20% of its purchasing power since 2020.

Current prices are about 1.25 times higher than in 2020 due to inflation.

US inflation surged above 9% in 2022 and remains above the Fed’s 2% target.

Meanwhile, the US Dollar Index (DXY) has fallen 11% in 2025.

This decline has boosted the “debasement trade,” favoring assets like Bitcoin.#USCryptoStakingTaxReview #writetoearn #Altcoins! $BTC

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