The cryptocurrency market is in the midst of a powerful resurgence. On May 25, 2019, Bitcoin held firm above the $8,000 mark, trading at approximately $8,052 according to CoinMarketCap data, as a dramatic bull run that began in April continued to gain momentum. The price level represents a stunning recovery for the flagship cryptocurrency, which had languished below $4,000 just months earlier at the start of the year.
TL;DR
- Bitcoin trades at $8,052 on May 25, 2019, more than doubling since January
- BTC market cap reaches $142.7 billion as trading volume surges
- Ethereum follows the rally, trading at $251.76 with a $26.7 billion market cap
- Kraken exchange reveals over 250 employees opted to receive salaries in Bitcoin
- Peter Schiff debate with Saifedean Ammous fuels mainstream attention
The Rally That Doubled Bitcoin in Months
Bitcoin’s journey from roughly $3,800 at the start of 2019 to above $8,000 by late May has been nothing short of remarkable. The cryptocurrency first breached the $8,000 level on May 14, 2019, as reported by CNN, reaching its highest price since July 2018. CNBC confirmed that Bitcoin had more than doubled in value year-to-date, attributing the surge to growing institutional interest and renewed retail enthusiasm.
The rally has been driven by a confluence of factors. Increased trading volumes on major exchanges, growing mainstream media coverage, and a broader shift in sentiment toward risk assets all contributed to the upward momentum. Market participants pointed to the upcoming Bitcoin halving event expected in May 2020 as another catalyst fueling long-term optimism.
Kraken Employees Put Their Money Where Their Mouth Is
In one of the week’s most talked-about stories, cryptocurrency exchange Kraken revealed that it had paid 250 salaries in Bitcoin during April 2019 alone. With the company employing approximately 800 people at the time, that figure represents roughly 30% of its workforce voluntarily choosing to receive compensation in cryptocurrency rather than fiat.
The revelation came as a direct rebuttal to prominent gold advocate Peter Schiff, who claimed during a widely-viewed debate with “The Bitcoin Standard” author Saifedean Ammous on Tone Vays’ YouTube channel that “there is no way that people are going to work for salaries paid in bitcoin.” Kraken’s tweet quickly went viral within the crypto community, with employees citing ease of investment, budgeting discipline, and belief in Bitcoin’s long-term value as reasons for their choice.
Bitwage, a platform enabling crypto-based payroll solutions, reported that Canadian workers had been increasingly requesting Bitcoin salary payments since 2014, suggesting the trend extended well beyond the crypto industry itself.
Ethereum and Altcoins Join the Party
The rally was not limited to Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $251.76 on May 25, with a market cap of $26.7 billion. The broader altcoin market showed strength as well, with XRP trading at approximately $0.39 and many mid-cap tokens posting significant weekly gains.
Total cryptocurrency market capitalization continued to climb, reflecting broad-based buying across multiple sectors of the digital asset landscape. The renewed market activity brought back memories of the 2017 bull run, though market participants noted that this rally appeared more measured and driven by fundamental developments rather than pure speculation.
Craig Wright and the Bitcoin SV Sideshow
Not all attention was positive. Craig Wright, the Australian entrepreneur who claims to be Bitcoin creator Satoshi Nakamoto, continued to generate controversy with what some media outlets described as a “Satoshi manifesto.” Wright, backed by Calvin Ayre and their Bitcoin SV project, maintained that BTC was “a sham bitcoin” while promoting their fork as the true successor to Satoshi’s vision.
Despite the noise, Bitcoin SV’s market impact remained minimal compared to BTC, with most market participants dismissing the claims and focusing on Bitcoin’s strong price action and growing institutional adoption.
Why This Matters
Bitcoin’s doubling in value during the first five months of 2019 represents one of the strongest recoveries in crypto market history. The rally demonstrated that the bear market of 2018 had not killed institutional or retail interest in digital assets. The fact that hundreds of exchange employees were voluntarily taking Bitcoin salaries suggested a level of conviction that went beyond trading speculation — people were beginning to live on crypto. Combined with the approaching halving and growing mainstream media coverage, May 2019 was shaping up to be a pivotal month in Bitcoin’s maturation as a financial asset.
Disclaimer: This article was written for BitcoinsNews.com as part of our historical archive coverage. Cryptocurrency investments carry significant risk. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
250 employees opting for BTC salaries in 2019 was genuinely ahead of its time. most companies are barely doing this now
kraken paying salaries in btc in 2019 was wild. most of those employees probably sold immediately tho, btc was still down 60% from ath
imagine being paid 2 BTC per month in mid-2019 at around $8k and holding. that salary is worth $200k+ today. the ones who held are probably running nodes in portugal right now
most of us held. kraken had an internal culture of actually believing in btc. the ones who sold regretted it within 6 months when we blew past $20k
Schiff vs Ammous was the most lopsided debate in crypto history. Peter came unprepared and it showed
Petra V. schiff showed up with gold bug talking points and ammous brought actual economic theory. was never close
schiff vs ammous was peak entertainment. peter tried to argue gold has intrinsic value because jewelry and saifedean just dismantled it with austrian economics in like 30 seconds
ETH at $251 with a 26.7b market cap. we really thought that was expensive back then
double_top_ ETH at $251 felt expensive then. 6 years later and people still say the same thing at $3k. relativity is everything
ETH at $251 was a steal and we were crying about it being expensive lol. same psychology at every price level. your brain anchors to recent lows
schiff vs ammous was the debate that got me to actually read the bitcoin standard. schiff walked into that one completely unprepared
142.7B market cap at 8k feels laughable now but at the time people were calling the top of the rally. same energy every cycle
From $3,800 to $8,000 in a few months. The 2019 rally taught me never to count Bitcoin out during a bear market.
CryptoMike42 the 2019 rally was the template for every recovery since. btc drops 80%, everyone calls it dead, then it rips before anyone is ready
the 2019 template: drop 80%, sideways for months, then vertical. 2022 to 2023 followed the exact same pattern. human psychology doesnt change just because the market cap is bigger
chart_memory the 80% drop then vertical recovery template has repeated 3 times now. anyone who studied 2015 and 2019 printed money in 2023
from 3800 to 8000 and mainstream media woke up at 10k. same thing happened in 2023, nobody cared about the 25k to 40k move until 70k
250 kraken employees taking BTC salaries in 2019 was legitimately insane. most companies in 2024 still wont do it
$142.7B market cap at $8052. we are sitting at over a trillion now and people still say its early. it was early back then, now its just different
from $3800 to $8000 in under 5 months and the mainstream press barely noticed until after $10k. the institutional narrative didnt exist yet so the rally was purely organic retail demand