Even after considering the impacts of inflation, one bitcoin (BTC) is still worth around $20,000 over six years after it reached that level. This is the case even after allowing for the effects of inflation.
The performance of Bitcoin's price since 2017 has, in actuality, remained the same, as shown by information compiled from various sources, such as the U.S. Inflation Calculator.
BTC'S PRICE IS "BARELY ABOVE" THE ALL-TIME HIGH FROM 2017
Since it achieved an all-time high of $20,000 in 2017, recorded as the highest price ever, BTC/USD has reached a high of $69,000. The previous all-time high was in 2017. Since that time, it has consistently gone and exceeded that level.
On the other hand, the narrative of the price behavior of Bitcoin takes a totally different turn when inflation is considered. As of August 25th, 2023, the worth of bitcoins purchased for $20,000 in 2017 has climbed to $24,942.
To phrase it another way, the current spot price of Bitcoin, which is $26,050 according to data from Cointelegraph Markets Pro and TradingView, reflects six years of nearly unaltered price motion for BTC. The price of Bitcoin has remained very stable over the past six years.
"In inflation-adjusted dollars, bitcoin is barely above the 2017 market peak," BTC Gandalf, the anonymous marketing officer of Bitcoin mining business Braiins, commented on the topic this week. The statement was made about the current state of the cryptocurrency market.
Observations on X highlighted that this figure was also taken from official inflation statistics. This indicates that the BTC/USD exchange rate may even be lower than it was at its last cycle's peak point in terms of its realism.
Others concluded — maybe tongue-in-cheek — that the data demonstrated Bitcoin's capacity to operate as a store of value. At the same time, BTC Gandalf remarked that they were "surprised" that the problem had not garnered a significant amount of press.
According to the United States Debt Clock, the current level of the national debt is greater than $32.7 trillion.
BITCOIN "BEARADISE" COULD FOLLOW JACKSON HOLE
The inflation rate in the United States continues to receive considerable focus from investors in risk assets, such as bitcoin bulls, who continue to stress the topic significantly.
Many people are resting their hopes on the Federal Reserve to establish an economic strategy that is in keeping with the perceived reality because official statistics point to a slowdown. This is because the official statistics suggest a slowdown.
On August 25th, the annual Jackson Hole Economic Symposium will take place. During it, Federal Reserve Chair Jerome Powell will provide a statement on the policy that the Fed is currently pursuing. People interested in seeing the existing status quo of the Bitcoin price shift in any way are paying close attention to the event.
Keith Alan, co-founder of the monitoring resource Material Indicators, said in part of an X post on the day in issue that he was "Prepared for a test of the lows and the potential for some whipsaw volatility."
A chart accompanying the article showed that the BTC/USD order book on Binance still lacked considerable liquidity over $25,000, which increased the likelihood of erratic price movements.
Reviewed by cryptopotato
on
August 25, 2023
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