Bitcoin Inflation-Adjusted High: $99,848 in 2020 Dollars, Not $100K

Galaxy’s Alex Thorn notes Bitcoin’s October peak exceeded $126k nominally, but in 2020-dollar terms it reaches $99,848—well below $100K after inflation.

Rich by Coin

2025-12-25

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.’ It actually topped at $99,848 in 2020 dollar terms, if you can believe it.

Thorn said the adjusted high accounts for the Consumer Price Index (CPI) decline in purchasing power 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. The Bureau of Labor Statistics reported in November that CPI rose 2.7% over the past 12 months, not seasonally adjusted.