Could Bitcoin be Worthless by 2023? US Inflation Data Explains.

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, the crypto for web 3.0 has de facto stayed static since 2017.

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BTC price “barely above” 2017 old all-time high

Since BTC/USD touched an all-time high of $20,000 in 2017, the crypto has gone as high as $69,000, however, taking inflation into account, the value of $20,000 worth of BTC purchased in 2017 is now worth $24,942.

This means that the current Bitcoin spot price — $26,050 according to data from Cointelegraph Markets Pro and TradingView — is only slightly higher than the 2017 peak when adjusted for inflation.

BTCGandalf, the anonymous marketing officer at Bitcoin mining company Braiins, noted that “in inflation adjusted dollars, bitcoin is barely above the 2017 market peak.” Responses on X further pointed out that this calculation was based on official inflation numbers, suggesting that in real terms, BTC/USD may even be lower than its previous cycle peak.

Commentators concluded that the figures demonstrate Bitcoin’s ability to function as a store of value, with BTCGandalf noting that he was “surprised” that the issue had not received much publicity.

Meanwhile, according to U.S. Debt Clock, national debt is currently over $32.7 trillion.

Bitcoin “bearadise” may come after Jackson Hole

With the official data suggesting a slowdown in U.S. inflation, investors in risk assets, including crypto bulls, are pinning their hopes on the Federal Reserve to match economic policy with the current reality.

On Aug. 25, the Federal Reserve Chair Jerome Powell will deliver a statement on policy at the annual Jackson Hole Economic Symposium — an event that is being watched closely by those looking for a breakthrough in 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, said in an X post. The accompanying chart showed the BTC/USD order book on Binance still lacking significant liquidity above $25,000, increasing the chances of rapid moves.

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