Riot Platforms’ Pierre Rochard, Vice President of Research, has recently praised Bitcoin as the most reliable monetary system in the world, coinciding with the remarkable announcement that BTC has processed over $19 trillion in transactions throughout 2024. This milestone not only highlights Bitcoin’s resurgence but also reinforces its role as both a store of value and a medium of exchange, further solidifying its position in the market.
The year 2024 marked a dramatic comeback for Bitcoin, which had previously weathered a rough patch following the 2021 bull market. The sheer volume of transactions—over double the $8.7 trillion processed in 2023—demonstrates a renewed trust in this digital asset. Rochard emphasized this by stating that Bitcoin is “engineered to be a dependable monetary system for both savings and payments” in his recent post on X.
Various macroeconomic factors contributed to Bitcoin’s remarkable performance in 2024. The approval of Bitcoin exchange-traded funds (ETFs) in the U.S. opened the floodgates for institutional investments, making it more appealing to traditional investors. Furthermore, the April halving event reduced mining rewards, amplifying Bitcoin’s scarcity and allure. The political landscape was particularly energizing, with speculation surrounding the U.S. presidential election sparking what was dubbed the “Trump pump.” This interest even had a global ripple effect, inspiring other countries to consider integrating Bitcoin strategies into their economic frameworks.
Despite reaching a historic peak of $108,000, Bitcoin’s inherent volatility came into play as it ended the year around $91,000. However, there are promising signs for 2025. AMBCrypto’s latest analysis suggests a positive shift in market sentiment, indicating that BTC has exited the “extreme greed” zone for the first time since the November election rally. This moderation could provide the foundation for sustainable growth moving forward.
Recent technical indicators are further fueling this optimism, with a bullish MACD crossover and Bitcoin’s positioning above the 20-day moving average hinting at upward momentum. As of now, Bitcoin trades at $97,771, marking a 3% weekly gain. While there’s a slight dip of 0.23% within the last day, many believe this could be a prelude to a further recovery.
In this climate, confidence in Bitcoin is returning, promising a brighter path ahead for investors and tech enthusiasts alike. With its latest achievements, Bitcoin proves itself as a serious contender in the financial landscape, making its mark as a leading choice for those seeking a reliable monetary system.
