Phép thuật lạm phát: Tại sao mức cao mới 126,000 USD của Bitcoin vẫn "chưa đạt kỳ vọng"

Bitcoin’s true value being eroded by inflation

Many people believe that Bitcoin breaking the $126,000 all-time high in October signifies the creation of a new wealth record, but this judgment overlooks a key factor—depreciation of purchasing power. Calculated at 2020 constant prices, Bitcoin’s current real value is far below what people imagine.

CPI is an invisible price killer

Over the six years since 2020, inflation has continuously eroded the dollar’s purchasing power. The growth of the Consumer Price Index (CPI) means that $100 today no longer equals $100 in 2020 when buying the same goods. This is why, when discussing whether Bitcoin has truly hit a new high, it is essential to incorporate inflation adjustment.

The truth behind the data

If Bitcoin’s historical prices are adjusted to 2020 dollars to eliminate inflation effects, the results show that Bitcoin has never crossed the $100,000 threshold. In other words, although the nominal price reached $126,000, after six years of inflation, its real purchasing power still has not reached this milestone.

According to the latest data, the current Bitcoin price is around $93,230, showing a significant correction from its all-time high. This further illustrates that measuring asset growth solely by nominal price can lead to misconceptions.

How to view this phenomenon

This perspective reveals an important investment logic: nominal returns do not equal real returns. In a high-inflation environment, rising asset prices may merely be “running to catch up” with declining purchasing power, rather than true value creation. Therefore, when evaluating the long-term performance of assets like Bitcoin, the real returns after inflation adjustment are a more accurate reference indicator.