UPDATE: The all-time-high of Bitcoin was 69k$ in 2021 — in 2024’s money that’s 75,7k$ (now accounting for inflation AND increased total supply of Bitcoin)

In my previous post, some people (correctly) pointed out that to accurately reflect the inflation-adjusted all-time-high of Bitcoin from 2021 in today's money, I should have taken into consideration the fact that the total supply of Bitcoin also went up in this same period. I looked into it and found an even more interesting (potentially big) fact:

Between 2017 and 2021, the total supply of Bitcoin increased faster than USD inflation:

• the total supply of Bitcoin went up by 12,8%, while
• USD inflation went up by 10,5%.
• This means that if we adjust for inflation AND the increased supply, the high of 20k$ in 2017 was "worth" 19,6k$ by 2021 (-1%).

Between 2021 and 2024, the total supply of Bitcoin increased slower than USD inflation:

• the total supply of Bitcoin went up by 3,8%, while
• USD inflation went up by 13,8%.
• This means that if we adjust for inflation AND the increased supply, the all-time-high of 69k$ in 2021 is now "worth" 75,7k$ (+9,7%).

Conclusion: this is first cycle during which the total supply of Bitcoin has increased slower than USD inflation, and we can reasonably expect this to be the norm from now on.

Obviously, it's also fair to point out that there is no real rationale behind the all-time-highs of Bitcoin (so none of this really means anything), and that USD is not the only currency in which Bitcoin is being traded. This analysis is just for fun, but still interesting to think about, I think.

***

I hope my math is correct, the calculations are based on these figures (sauce) plus the ones from my previous post:

• Total supply of Bitcoin on 30 December 2017:
  16,771,956
• Total supply of Bitcoin on 31 December 2021:
  18,915,556
• Total supply of Bitcoin on 16 February 2024:
  19,629,263