Bitcoin’s run toward six figures has dominated headlines, but a closer look at inflation-adjusted data tells a more nuanced story.
According to Alex Thorn, Head of Firmwide Research at Galaxy, Bitcoin has technically never crossed the $100,000 mark when measured in constant 2020 dollars.
Nominal Price vs. Real Value
The chart shared by Thorn compares Bitcoin’s nominal price with its real, inflation-adjusted value. While the nominal BTC price surged well above $100,000 in 2025, the real price — adjusted for the declining purchasing power of the U.S. dollar — peaked just below that psychological level. In 2020-dollar terms, Bitcoin topped out at roughly $99,848 on October 6, 2025.
This gap reflects how inflation quietly reshapes market milestones. A dollar today does not carry the same weight it did five years ago, meaning headline price levels can overstate real gains when inflation is ignored.
What the Chart Is Really Showing
The visual overlay highlights two forces moving in opposite directions. On one side, Bitcoin’s long-term uptrend continues, with higher highs across cycles. On the other, the purchasing power of the dollar steadily erodes, pulling the inflation-adjusted price curve lower relative to the nominal one.
As a result, moments that appear historic in nominal terms look more restrained when viewed through a real-value lens. The chart doesn’t negate Bitcoin’s strength, but it reframes it in economic context rather than raw price excitement.
Why This Perspective Matters
This distinction helps explain why some investors feel that markets are not as euphoric as the headlines suggest. In real terms, Bitcoin is only now approaching a level that genuinely challenges prior cycle extremes. That nuance also fits into broader macro discussions about inflation, asset repricing, and why hard assets often appear to “go vertical” during periods of currency debasement.
In short, Bitcoin may have printed six figures, but inflation ensures that the true milestone still lies just ahead. Whether the next leg higher delivers a decisive real breakout remains one of the most important questions for the market going forward.
