Exec hails Bitcoin as ‘most reliable monetary system’ amid BTC’s $19T milestone

Riot Platforms’ VP of Research highlights Bitcoin’s resilience.
Market signals point to further upside potential for the king coin.

2024’s year-end cryptocurrency collapse left numerous investors shaken, but the start of 2025 has ushered in an upsurge of hopefulness.

Or, more colloquially:
After last year’s crypto market crash left many investors with a headache, the New Year has brought back positive vibes.

Taking center stage once more, Bitcoin [BTC] is regaining prominence, while other cryptocurrencies (altcoins) are following in its footsteps, boosting investor confidence throughout the market.

In a positive atmosphere, Pierre Rochard, Research Vice President at Riot Platforms, underscored Bitcoin’s robust base. In his recent article on X, he stressed this point.

Bitcoin is designed as the most dependable global financial system, ideal for storing wealth and making transactions.

BTC’s latest milestone

A fresh remark arrived the following day after it was disclosed that the Bitcoin network handled approximately $19 trillion worth of transactions across all of 2024. Consequently,

“Decisively proving that bitcoin is both a store-of-value and a medium-of-exchange.”

It’s important to point out that this surpassed expectations, nearly tripling the $8.7 trillion worth of transactions that were finalized in 2023. This remarkable increase stood out even more when considering the drop in transaction volumes over a two-year period after the 2021 bull market.

2024: A monumental year for Bitcoin

2024 saw a notable surge in Bitcoin’s value, but this wasn’t simply a standalone event; it was significantly influenced by significant global and institutional changes.

Approving Bitcoin exchange-traded funds (ETFs) by the U.S. marked a significant turning point, as it attracted institutional investments and made Bitcoin more enticing for conventional investors.

boosting the excitement even further was the Bitcoin halving event in April, where the mining rewards were reduced by half, making its already scarce nature more appealing.

In simpler terms, the political scene added to the enthusiasm, as the U.S. presidential election and rumors of the nation establishing a strategic Bitcoin reserve were collectively referred to as the “Trump pump.” This combination ignited a surge in optimism among investors.

Worldwide, the impact was seen as other countries started considering similar approaches, thereby solidifying Bitcoin’s significance in international political and financial discussions.

The culmination of these factors propelled Bitcoin to a historic peak of $108,000.

Despite the market excitement, Bitcoin’s value took a downturn at the end of the year, falling close to $91,000, offering a sobering lesson about its natural volatility.

Though there was much enthusiasm in the market, Bitcoin saw a drop towards the end of the year to around $91,000, serving as a clear example of its volatile nature.

Will Bitcoin continue its comeback?

Looking ahead, there’s optimism as the price trend appears to be improving since the beginning of 2025, suggesting potential positive developments.

According to recent analysis by AMBCrypto, there’s been a noticeable change in cryptocurrency market feelings, as Bitcoin has moved out of the “extreme greed” state for the first time since the bullish surge triggered by last November’s elections.

This newfound balance could pave the way for sustainable growth.

In simpler terms, these technical signs supported a positive outlook. The bullish movement in MACD (Moving Average Convergence Divergence) and Bitcoin’s placement above its 20-day Moving Average line indicated a trend moving upwards.

Currently, Bitcoin is being exchanged for approximately $97,771 each. This represents a 3% increase over the past week, but there’s been a slight decrease of 0.23% in its daily price movement.

2025-01-06 08:08

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2024: A monumental year for Bitcoin

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