Reserve

Jerome Powell

Chair

Bitcoin

Material

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  Bitcoin, taking inflation into account, has in fact been a solid store of value since 2017, commentators conclude. 
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<div class="cointelegraph"> 
 <p>Bitcoin (BTC) is still worth $20,000 nearly six years after first reaching it — if adjusted for inflation.</p> 
 <p>According to data from sources including U.S. Inflation Calculator, BTC price performance has <em>de facto</em> stayed static since 2017.</p> 
 <h2 id="btc-price-barely-above-2017-old-all-time-high">BTC price "barely above" 2017 old all-time high</h2> 
 <p>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.</p> 
 <p>Taking <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> into account, however, the story of BTC price action looks remarkably different. As of Aug. 25, 2023, $20,000 <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> of BTC purchased in 2017 is now <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> $24,942.</p> 
 <p>Put another way, the current Bitcoin spot price — $26,050 per data from Cointelegraph Markets Pro and TradingView — reflects six years of practically static BTC price action.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/08/25/d16a2d08d0c3ce4256220d0873a7b6b1.webp"> 
  <figcaption style="text-align: center;"> <em>BTC/USD 1-month chart. Source: TradingView</em> 
  </figcaption> 
 </figure> 
 <p>“In <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> 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.</p> 
 <p>Responses on X further noted that this calculation was based on official <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> numbers, meaning that in real terms, BTC/USD may even be lower than its previous cycle peak.</p> 
 <p>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.</p> 
 <p>According to U.S. Debt Clock, national debt currently stands at over $32.7 trillion.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/08/25/f09d672712feb93bd038502d47999df5.webp"> 
  <figcaption style="text-align: center;"> <em>U.S. Inflation Calculator data (screenshot). Source:&nbsp;usinflationcalculator.com</em> 
  </figcaption> 
 </figure> 
 <h2 id="bitcoin-bearadise-may-come-after-jackson-hole">Bitcoin "bearadise" may come after Jackson Hole</h2> 
 <p>U.S. <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> meanwhile continues to be a central focus for risk asset investors, including crypto bulls.</p> 
 <p><strong><em>Related:&nbsp;Bitcoin on the way to 'bearadise?' $20K is back as a BTC price target</em></strong></p> 
 <p>With official data pointing to a slowdown, hopes are being pinned on the Federal Reserve to match economic policy with perceived reality.</p> 
 <p>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.</p> 
 <p>“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. </p> 
 <blockquote>
   “A double bottom is a good foundation to bounce. A lower low paves the way to bearadise.” 
 </blockquote> 
 <p>An accompanying chart showed the BTC/USD order book on Binance still lacking significant liquidity above $25,000, increasing the chances of rapid moves.</p> 
 <figure> 
  <img src="https://cdn.thebittimes.com/images/2023/08/25/fd65a73829d17a5ae970bd34a590b7b8.webp" alt="" title=""> 
  <figcaption style="text-align: center;"> <em>BTC/USD order book data for Binance. Source: Keith Alan/X</em> 
  </figcaption> 
 </figure> 
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. </p> 
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Bitcoin could be worth less than $20K in 2023, US inflation data says

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