Pierre Rochard, VP of Research at Riot Platforms, described Bitcoin as a 'savings reservoir' for global surplus capital. He highlighted that in environments with low interest rates and high liquidity, Bitcoin attracts surplus capital due to its fixed supply of 21 million. Rochard emphasized that Bitcoin is increasingly held by long-term investors, corporations, and institutions as a strategic reserve asset, contributing to an inelastic supply where price increases reflect new demand rather than new tokens. He also noted that while speculators may sell during market downturns, long-term holders typically retain their Bitcoin, resulting in a 'ratchet effect' where post-crash price floors are higher than previous lows.