Why Does This Exec Claim Bitcoin to be the” Most Reliable Monetary System”?

According to Riot Platforms CEO Pierre Rochard, there is a strong argument to be made that Bitcoin is the “most credible economic system.”

In a Jan. 5 message, Rochard, vice chairman of study at the crypto mining company, claimed that” Bitcoin is engineered to be the most reliable financial system in the world for discounts and payment”. His statement is backed by Bitcoin’s uptime of about 99.99 % since its release on Jan. 3, 2009.

Thus far, Bitcoin has reported just two time activities: One in 2010 and one in 2013. In 2010, Bitcoin went over due to the “value flow event”.

As the Cryptocurrency website recounts, the price overflow incident occurred on Aug. 15, 2010, when workers approved stop 74638 with a deal that created over 184, 467, 440, 737 BTC for three distinct names. Two of those lists received 92.2 billion BTC, and the worker who mined the wall received an additional 0.01 BTC, which doesn’t exist either.

The deal in issue exploited a price overflow vulnerability. The search on how much Cryptocurrency can be spent incorrectly occurs when the price is set too high. This is known as a bundle overflow risk.

Within five days of the block’s malfunction, Bitcoin developers released a gentle fork that fixed the issue and rejected the unlawfully created Bitcoin. The proper bitcoin seized control at a strip height of 74691 after the fork divided the bitcoin into two.

Finally, in 2013, it was a spider linked to CVE-2013-3220 that caused interruption on the system. interruption. As network program versions 0. 7 and 0. 8 of the network diverged, and a non-malicious actor accidentally performed a sizable twice spend, the system split into two.

Before the bug caused a 23 % price drop, Bitcoin had already seen some implementation, compared to 2010. Reverting frequently to version 0. 7 helped to resolve the problem.

After those two first situations, Bitcoin has operated without problems for decades. Rochard reported last week that the Bitcoin system handled “more than$ 19 trillion value of BTC deals in 2024″ tweets. According to him, this proved” that Cryptocurrency is both a store-of-value and a medium of exchange”.

As of media day, the Bitcoin value has made its way north of$ 102, 000, the first time it’s seen six figures in the new year. According to CoinGecko data, BTC has increased by 4.2 % over the past day and by 11 % over the past week.

Things weren’t generally looking this pink, though. Prior to BTC’s gain past$ 100, 000, Obchakevich Research founder Alex Obchakevich stated to that “if we see a breakout of the$ 100k resistance level this week, it will be a powerful signal for further growth.”

Tom Wan, Head of Data at Entropy Advisors also suggested that” Bitcoin’s price is poised to retest$ 100, 000 soon”, after reaching this milestone for the first time in early December. He added that “we’ve seen a solid start to the year with$ 908 million in BTC ETF gross flows on January 3, 2025, which is the 5th highest single-day flows since BTC ETFs were introduced.”

These inflows, according to Wan, highlight the persistent interest in Bitcoin from institutional investors, which is “fueled by optimism that the U.S. market may expand under the impending Trump administration.” He expects that more economic officials, pension funds, home offices, personal businesses, organizations, and asset managers may gain access to Bitcoin ETFs and make larger distributions to those items.

Furthermore, Wan pointed out that BTC perpetual funding rates have decreased significantly, “dropping from overheated levels of around 20 % back to a more normalized rate of approximately 10 %”. He added that” this suggests that a market deleveraging event has occurred, which has the potential for resetting the market dynamics.”