The US dollar is the primary currency used to determine the value of Bitcoin and the majority of digital assets in the industry.
Bitcoin fell below the 2017 high after the bull run ended in November 2021.
Even before reaching the price we saw in December 2017, the true value of Bitcoin was far lower.
Fortunately, it is simple to calculate the true value of BTC adjusted for the significant increase in USD supply.
The updated graph shows that the current BTC exchange rate is less than it was in 2017.
The "True" Bitcoin value is currently around $1,500, down from its peak of $6,000 during the ICO era.
Even at the ATH price, Bitcoin could not surpass its 2017 high due to the disruption caused by the increase in the money supply.