There is a strong case for the claim that Bitcoin is “the most reliable monetary system,” according to Pierre Rochard, CEO of Riot Platforms.

in Tweet dated January 5“Bitcoin is designed to be the world’s most reliable monetary system for savings and payments,” claimed Richard, vice president of research at the cryptocurrency mining company. His statement is supported by Bitcoin's operating period Almost 99.99% Since its launch on January 3, 2009.

So far, Bitcoin has reported only two downtime events: one in 2010 and one in 2013. In 2010, Bitcoin declined due to an “overshoot incident.”

like Bitcoin wiki narratesThe overflow incident occurred on August 15, 2010, when miners on block 74638 approved a transaction that created over 184,467,440,737 Bitcoins for three separate addresses. Two of these addresses received 92.2 billion BTC, and the miner who mined the block received an additional 0.01 BTC, which should not be there either.

The transaction in question exploited a value overflow vulnerability. When the value is set too high, checking how much Bitcoin can be spent is not performed properly. This is known as a Stack overflow vulnerability.

Within five hours of discovering the flawed block, Bitcoin developers deployed a soft fork that resolved the issue and rejected the illegally generated Bitcoin. This fork split the blockchain into two parts, but the right blockchain settled at the block height of 74691.

Then, in 2013, there was a bug related to CVE-2013-3220 that caused Stop on the network. Stop. The Bitcoin network split in two with versions 0.7 and 0.8 of the node software diverging, and a benign actor accidentally executed a large operation. Double spending.

Unlike in 2010, Bitcoin actually saw some adoption before the bug caused prices to drop by 23%. The issue has been resolved by rolling back to version 0.7 extensively.

After these two early incidents, Bitcoin worked without problems for years. Last weekRichard tweeted that the Bitcoin network processed “over $19 trillion in Bitcoin transactions in 2024.” According to him, this has proven “that Bitcoin is a store of value and a medium of exchange.”

As of press time, Bitcoin's price has made its way north to $102,000, marking the first time it has seen six figures in the new year. Bitcoin is up 4.2% in the past day and 11% compared to this time last week, according to CoinGecko data.

However, things were not always so rosy. Earlier today, before Bitcoin surpassed $100,000, Alex Opchakiewicz, founder of Opchakiewicz Research, said: Decryption “If we see a break of the $100,000 resistance level this week, that would be a strong signal for further growth.”

Tom Wan, head of data at Entropy Advisors, also suggested that “Bitcoin price is poised to retest $100,000 soon” next. Reaching this milestone for the first time in early December. “We saw a strong start to the year with net Bitcoin ETF inflows of $908 million on January 3, 2025, representing the fifth highest single-day inflow since the launch of Bitcoin ETFs,” he stressed.

According to Wan, these inflows highlight the continued interest in Bitcoin from institutional investors “driven by optimism about the US market potentially expanding under the incoming Trump administration.” He expects that more financial advisors, pension funds, family offices, private banks, corporations and asset managers will be able to access Bitcoin ETFs and make greater allocations to those products.

Furthermore, Wan noted that Bitcoin’s perpetual funding rates have declined significantly, “dropping from frenzied levels of around 20% to a more normal rate of around 10%.” “This indicates a deleveraging event has occurred in the market, which resets market dynamics and may pave the way for continued growth,” he stressed.

Modified by Stacey Elliott.