"The Ledger" podcast, produced by the hardware wallet company Ledger, released an episode titled "Bitcoin at $100K Reactions, 2024 Crypto Recap, and 2025 Predictions."

Here's a summary of the key topics discussed in that episode and the broader crypto market context of that period:

2024 Crypto Recap: A Pivotal Year
The hosts of "The Ledger" podcast and many other industry analysts looked back on 2024 as a historic year for crypto, driven by several major events:

Bitcoin ETFs: The approval of several Bitcoin spot exchange-traded funds (ETFs) in the United States in early 2024 was a monumental event. This opened the door for a wave of institutional and retail investment from traditional financial markets, legitimizing Bitcoin as an asset class.

The Halving: Bitcoin's fourth halving event took place in April 2024. This reduced the number of new bitcoins entering circulation, a historical event that has often preceded major price rallies.

A New Political Landscape: The U.S. presidential election and a shift in regulatory sentiment played a major role. President-elect Donald Trump's pro-crypto stance, including discussions of a "strategic Bitcoin reserve," fueled optimism and a strong market rally in the later part of the year.

Sam Bankman-Fried's Sentence: The sentencing of the former FTX CEO to 25 years in prison provided some closure to one of the biggest stories of the previous year, which helped restore confidence in the market.

Bitcoin at $100K: The Reactions
As mentioned in the episode title, one of the most significant moments of late 2024 was Bitcoin's price breaking the $100,000 mark. The reactions to this milestone were a central theme of the episode.

A Psychological Milestone: Hitting $100,000 was seen as a major psychological barrier being broken. For many long-term holders ("hodlers"), it was a moment of validation.

Shift in Institutional View: This price point further solidified Bitcoin as a legitimate, valuable asset. The conversation moved from "Is Bitcoin real?" to "How big can it get?" and "How much of it should we hold in our portfolios?"

Increased FOMO: The price discovery above previous all-time highs was expected to attract new capital from both institutional investors and retail traders, driving further speculation and buying interest.

2025 Predictions: What Happens Next?
Based on the events of 2024, the experts on "The Ledger" and across the industry made several bold predictions for 2025:

Continued Inflows into ETFs: Analysts believe that inflows into Bitcoin spot ETFs will continue at a strong pace throughout 2025, further increasing demand for the asset.

New All-Time Highs: Many analysts, including those from Bernstein and Standard Chartered, predicted that Bitcoin's price could reach as high as $200,000 or even higher by the end of 2025, fueled by the halving cycle and institutional demand.

Regulatory Clarity: With a new, crypto-friendly administration in the U.S. and new regulations like MiCA in Europe, experts anticipate a more stable and predictable regulatory environment.

Increased Adoption: The discussions on the podcast and in the broader crypto space suggest that in 2025, more companies and even nation-states could begin building strategic Bitcoin reserves, treating it as a new form of digital gold.