{"id":12962,"date":"2023-08-25T08:44:14","date_gmt":"2023-08-25T08:44:14","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12962"},"modified":"2023-08-25T08:44:15","modified_gmt":"2023-08-25T08:44:15","slug":"bitcoin-could-be-worth-less-than-20k-in-2023-us-inflation-data-says","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12962","title":{"rendered":"Bitcoin could be worth less than $20K in 2023, US inflation data says"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) is still worth $20,000 nearly six years after first reaching it \u2014 if adjusted for inflation.<\/p>\n<p>According to data from sources including U.S. Inflation Calculator, BTC price performance has <em>de facto<\/em> stayed static since 2017.<\/p>\n<h2>BTC price &#8220;barely above&#8221; 2017 old all-time high<\/h2>\n<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>\n<p>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.<\/p>\n<p>Put another way, the current Bitcoin spot price \u2014 $26,050 per data from Cointelegraph Markets Pro and TradingView \u2014 reflects six years of practically static BTC price action.<\/p>\n<p><em>BTC\/USD 1-month chart. Source: TradingView<\/em><\/p>\n<p>\u201cIn inflation adjusted dollars, bitcoin is barely above the 2017 market peak,\u201d BTCGandalf, the anonymous marketing officer at Bitcoin mining company Braiins, acknowledged on the topic this week.<\/p>\n<p>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.<\/p>\n<p>Others concluded \u2014 perhaps wryly \u2014 that the numbers underscored Bitcoin\u2019s ability to function as a store of value, while BTCGandalf added that he was \u201csurprised\u201d that the issue had not received much publicity.<\/p>\n<p>According to U.S. Debt Clock, national debt currently stands at over $32.7 trillion.<\/p>\n<p><em>U.S. Inflation Calculator data (screenshot). Source:\u00a0usinflationcalculator.com<\/em><\/p>\n<h2>Bitcoin &#8220;bearadise&#8221; may come after Jackson Hole<\/h2>\n<p>U.S. inflation meanwhile continues to be a central focus for risk asset investors, including crypto bulls.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin on the way to &#8216;bearadise?&#8217; $20K is back as a BTC price target<\/em><\/strong><\/p>\n<p>With official data pointing to a slowdown, hopes are being pinned on the Federal Reserve to match economic policy with perceived reality.<\/p>\n<p>On Aug. 25, Fed Chair Jerome Powell will deliver a statement on policy at the annual Jackson Hole Economic Symposium \u2014 an event keenly eyed by those looking for a break of the current BTC price status quo.<\/p>\n<p>\u201cPrepared for a test of the lows and the potential for some whipsaw volatility,\u201d Keith Alan, co-founder of monitoring resource Material Indicators, wrote in part of an X post on the day. <\/p>\n<p>\u201cA double bottom is a good foundation to bounce. A lower low paves the way to bearadise.\u201d<\/p>\n<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>\n<p><em>BTC\/USD order book data for Binance. Source: Keith Alan\/X<\/em><\/p>\n<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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-worth-less-20k-2023-us-inflation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is still worth $20,000 nearly six years after first reaching it \u2014 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 &#8220;barely above&#8221; 2017 old all-time high While criss-crossing the $20,000 mark since tapping it as an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12962"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12962\/revisions"}],"predecessor-version":[{"id":12964,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12962\/revisions\/12964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12963"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}