Bitcoin's 2025 peak price of $126,000, when adjusted for inflation, equates to $99,848 in 2020 dollars, according to analysis by Galaxy's Alex Thorn. This adjustment reflects a 20% loss in the dollar's purchasing power since 2020, impacting perceptions of Bitcoin's value. The analysis has sparked debate over whether inflation adjustments align with Bitcoin's role as a decentralized alternative to fiat currencies.