Here's a sobering take from Galaxy on Bitcoin's real purchasing power: when you strip out inflation and look at what the flagship crypto actually buys you, it's never actually hit the $100K mark in inflation-adjusted terms. Sure, the headlines scream all-time highs, but the actual value? That's a different story. It's a crucial perspective for anyone trying to understand where we really stand in the market cycle—nominal prices tell one tale, but real value tells another. The distinction matters more than you might think when evaluating Bitcoin's true gains versus headline noise.