Bitcoin Eyes $75K as Inflation Benchmark, But Path to New Highs Faces Headwinds
• Bitcoin's all-time high was $69,044 in November 2021; adjusting for inflation since then puts the equivalent price today around $75,000
• Bitcoin has underperformed inflation since its last all-time high, with supply growing slower than inflation
• Bitcoin is often positioned as an inflation hedge, but its performance during current high inflation is complex
• Goalposts haven't necessarily moved for Bitcoin's next all-time high, which will likely still be measured in nominal terms
• Spot Bitcoin ETFs, layer-2 solutions, and more consumer apps adopting crypto could drive further Bitcoin price rises in 2024