2025 features a dynamic and rapidly evolving Bitcoin landscape in early 2025. Key themes include a resurgence in on-chain transaction volume, record-breaking hashrate figures, increasing institutional involvement and lending practices, potential political influence from the upcoming Trump administration, and ongoing legal challenges and tax compliance issues. Bitcoin's market position appears to be strengthening, with increased mainstream adoption and recognition.
Key Themes and Ideas:
- Resurgence in Bitcoin Network Activity:
- Significant Transaction Volume: In 2024, the Bitcoin network settled over $19 trillion in transactions, more than double the $8.7 trillion settled in 2023. This reverses the decline seen in 2022 and 2023, showing renewed activity on the network.
- Medium of Exchange: As Pierre Rochard stated: "The Bitcoin network finalized more than $19 trillion worth of BTC transactions in 2024, decisively proving that Bitcoin is both a store of value and a medium of exchange."
- Historical Peak: While 2024 was a significant year of growth, the peak of transaction volume was in 2021 at approximately $47 trillion.
- Market Cap Growth: Bitcoin surpassed silver's market cap in 2024, achieving a market cap of approximately $1.9 trillion.
- Bitcoin Hashrate and Mining Landscape:
- Record Hashrate: The Bitcoin network's hashrate hit a new all-time high of 1,000 exahashes per second (EH/s) in early 2025 before falling back to 775 EH/s.
- US Mining Dominance: US-based mining pools accounted for over 40% of the global hashrate in 2024, with Foundry USA and MARA Pool controlling over 38.5% of all blocks mined in 2024. However, China-based pools still control a majority of the hashrate on the network.
- Geographic Obfuscation: The pseudonymous and distributed nature of Bitcoin mining, along with the use of VPNs, make it difficult to establish a clear gauge of hashrate dominance.
- Institutional Lending and Yield Generation:
- MARA Lending: Bitcoin mining firm MARA has lent out 7,377 BTC, approximately 16% of its reserves, to third parties to generate yield.
- "Modest Single-Digit Yield": According to MARA's Director of Investor Relations, the company is generating a "modest single-digit yield" from these loans. This is an attempt to "offset operating expenses".
- Risk Awareness: The article notes past collapses of Bitcoin lenders, like BlockFi, Genesis, and Celsius during the 2022 bear market, highlighting the counterparty risks involved.
- MARA Holdings: MARA mined 9,457 BTC and acquired 22,065 BTC at an average price of $87,205 in 2024 and held 44,893 BTC worth approximately $4.4 billion as of December 31, 2024.
- Political Influence and Trump Administration:
- Mar-a-Lago Meeting: Michael Saylor, Executive Chairman of MicroStrategy, met with Eric Trump, son of President-elect Donald Trump, at Mar-a-Lago. The meeting has led to speculation about Saylor's involvement in future Bitcoin policies.
- Pro-Bitcoin Stance: Eric Trump has praised Bitcoin as a "global asset" and says his family is pro-crypto. He has also stated his father is "the most pro-crypto president in U.S. history" and believes "America is going to lead the way in the digital revolution." He claims to have “fallen in love with crypto and DeFi” and is committed to making DeFi more accessible
- MicroStrategy's Position: MicroStrategy holds 446,400 BTC, worth approximately $43.7 billion, making it a majo
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Ridiculous History
History is beautiful, brutal and, often, ridiculous. Join Ben Bowlin and Noel Brown as they dive into some of the weirdest stories from across the span of human civilization in Ridiculous History, a podcast by iHeartRadio.