Key Points
- Bitcoin’s resilience and potential for further growth is highlighted by Riot Platforms’ VP of Research.
- The Bitcoin network processed over $19 trillion in transactions in 2024, proving its reliability as a store-of-value and medium-of-exchange.
The crypto crash at the end of 2024 was a shock for many investors, but the start of 2025 has brought a renewed sense of optimism.
Bitcoin has been leading the way in this recovery, with altcoins following closely behind, restoring confidence in the market.
Bitcoin’s Strength
Pierre Rochard, the Vice President of Research at Riot Platforms, has highlighted the foundational strength of Bitcoin in a recent post. He stated that Bitcoin is designed to be the most reliable monetary system in the world for savings and payments.
This statement came after Rochard revealed that the Bitcoin network processed over $19 trillion in transactions in 2024, demonstrating that Bitcoin is both a store-of-value and a medium-of-exchange. This represented a significant increase from the $8.7 trillion settled in 2023.
Bitcoin’s Performance in 2024
Bitcoin’s outstanding performance in 2024 was not a standalone event, but was supported by key macro and institutional developments.
The approval of Bitcoin exchange-traded funds (ETFs) in the U.S. was a pivotal moment, attracting institutional inflows and expanding the asset’s appeal to mainstream investors.
Bitcoin’s April halving event, which halved its mining rewards, added to its scarcity-driven appeal. The political environment also played a role, with the U.S. presidential election and speculation about the U.S. adopting a strategic Bitcoin reserve causing a bullish frenzy.
Despite reaching a historic peak of $108,000, Bitcoin ended the year near $91,000, a stark reminder of its inherent volatility.
However, the start of 2025 has seen a recovery in the price of Bitcoin. Technical indicators suggest upward momentum, with Bitcoin trading at $97,771 at the time of writing, reflecting a 3% weekly gain.
