Bitcoin (BTC) is still worth $20,000 nearly six years after first reaching it — if adjusted for inflation.
According to data from sources including U.S. Inflation Calculator, BTC price performance has de facto stayed static since 2017.
BTC price “barely above” 2017 old all-time high
While criss-crossing the $20,000 mark since tapping it as an all-time high in 2017, BTC/USD has gone as high as $69,000 in the meantime.
Taking inflation into account, however, the story of BTC price action looks remarkably different. As of Aug. 25, 2023, $20,000 worth of BTC purchased in 2017 is now worth $24,942.
“In inflation adjusted dollars, bitcoin is barely above the 2017 market peak,” BTCGandalf, the anonymous marketing officer at Bitcoin mining company Braiins, acknowledged on the topic this week.
Responses on X further noted that this calculation was based on official inflation numbers, meaning that in real terms, BTC/USD may even be lower than its previous cycle peak.
Others concluded — perhaps wryly — that the numbers underscored Bitcoin’s ability to function as a store of value, while BTCGandalf added that he was “surprised” that the issue had not received much publicity.
According to U.S. Debt Clock, national debt currently stands at over $32.7 trillion.
Bitcoin “bearadise” may come after Jackson Hole
U.S. inflation meanwhile continues to be a central focus for risk asset investors, including crypto bulls.
With official data pointing to a slowdown, hopes are being pinned on the Federal Reserve to match economic policy with perceived reality.
On Aug. 25, Fed Chair Jerome Powell will deliver a statement on policy at the annual Jackson Hole Economic Symposium — an event keenly eyed by those looking for a break of the current BTC price status quo.
“Prepared for a test of the lows and the potential for some whipsaw volatility,” Keith Alan, co-founder of monitoring resource Material Indicators, wrote in part of an X post on the day.
“A double bottom is a good foundation to bounce. A lower low paves the way to bearadise.”
An accompanying chart showed the BTC/USD order book on Binance…