Alex Thorn, Head of Firmwide Research at Galaxy Digital, has published an analysis revealing that Bitcoin's nominal all-time high of approximately $126,000, reached in October 2025, does not equate to a true $100,000 milestone when adjusted for inflation. According to Thorn's calculations, when converted to 2020 U.S. dollar terms, the peak price translates to just $99,848.
The analysis challenges the widely celebrated narrative that Bitcoin crossed the six-figure threshold. Thorn used 2020 as a baseline year, preceding the period of significant global inflation, to provide a clearer view of Bitcoin's real purchasing power and growth. "Bitcoin's $126,000 nominal peak translates to just $99,848 in 2020 dollars," Thorn stated, highlighting a disconnect between headline prices and real financial value.
This perspective introduces traditional financial discipline—standard inflation adjustment—into cryptocurrency valuation, a practice often overlooked in the crypto market. The revelation has sparked discussions about how inflation impacts the perception of cryptocurrency milestones and real-world asset valuation. Despite the analytical insight, the news has not triggered immediate market shifts, indicating that nominal prices continue to dominate short-term trading sentiment.
Experts suggest that as the industry matures, future analyses may increasingly incorporate such inflation-adjusted metrics, potentially influencing long-term investor confidence and strategy by focusing on real-dollar value rather than nominal price points alone.
