Pierre Rochard from Riot Platforms discussed the characteristics of the current Bitcoin bull market and how it differs from previous cycles.
Impact of Halving on the Market
Past Bitcoin halvings triggered sharp price spikes, but their impact has weakened. The fourth halving presented a minor supply shock, leading to a more gradual price increase.
Role of Regulation and Institutional Investors
Regulatory changes during Donald Trump's administration eased financial conditions for Bitcoin, bolstering institutional confidence. The introduction of spot ETFs and BTC accumulation by companies like MicroStrategy provided regulated access and strengthened the market structure.
Current Market Conditions and Outlook
Despite potential macroeconomic risks, Rochard remains optimistic about Bitcoin's long-term value as a transaction network and digital asset. Bitcoin's UTXO model offers transparency, contrasting Ethereum's complexity.
Rochard believes the current market conditions support continued Bitcoin accumulation by institutions and individuals.
