The year is flying by and we have already reached the second half of August. Before you know it Halloween will be here, then Christmas, and then we will be talking about what will be happening next year. The Bitcoin and crypto market moves so fast that we often are only focused on what is coming next. In a few months' time, everyone will have their sights set on the upcoming Bitcoin halving. The event that will likely help jumpstart the next bull cycle.
However, one of the most overlooked factors in becoming successful with investing isn’t only looking at the future. Instead, it is looking at the past and learning from what you did well, and even more importantly; learning from what you didn’t do well.
While Bitcoin isn’t an individual person and doesn’t make its own mistakes. As a collective community, we can look back and determine what Bitcoin did well, and what could be improved. And most importantly, has 2023 been a successful year for Bitcoin.
Banking Crisis
One of the biggest Bitcoin stories of the year happened while banks across the US began to not only freeze customer funds but also began collapsing. During this time people began to understand the real value and use-case of Bitcoin. It began acting as the safe-haven asset that it truly is. While there was panic in the banking streets, the price of Bitcoin soared.
It was this price action that finally marked the bottom of the bear market, and caused Bitcoin’s price to soar up to $30k. More importantly, it helped to repair the image of Bitcoin that had been so heavily damaged last year due to the summer of insolvencies, and FTX’s fraud.
Ordinals & BRC20 Tokens
One of the most exciting things to happen to Bitcoin this year was that the builder mentality finally began to return to Bitcoin. In past years, the Bitcoin protocol had become so sacred in the minds of Bitcoiners, that they stopped innovating and trying to expand its capabilities. This resulted in Bitcoin not achieving its full potential.
All of this began to change with the implementation of Ordinals (NFTs) and also BRC20 tokens on Bitcoin. Suddenly there was excitement in the Bitcoin ecosystem again, and developers began flooding back to Bitcoin.
However perhaps more importantly, all of this action in Bitcoin caused transaction fees to soar. For the first time, transaction fees were actually paying miners more than actually minting new Bitcoin. Perhaps a solution to Bitcoin’s largest point of FUD is about how miners will be motivated to continue mining after all of the minable Bitcoin has given out.
BlackRock Spot ETF Application
The news that shocked the financial world was when BlackRock announced that they were applying for a spot Bitcoin ETF. This was so important because BlackRock is the most powerful and influential financial company in the world.
Now that they have entered the market, they have signaled to the rest of the financial world that not only is Bitcoin here to stay, but that they are full believers. From here on out we will see more and more companies begin to enter the market.
The Price
While some people might be disappointed with Bitcoin’s recent price action, you need to remember where we came from. At the beginning of the year, Bitcoin was nearly $15k and there were real doubts about whether it would soon drop below $10k. After the FTX fraud, people were declaring that the death blow had finally been dealt to Bitcoin.
However, since then Bitcoin’s price has nearly doubled and is ranging between $25-$30k. The problem that most people have is that during the summer its price has essentially done nothing. The boredom has begun to cause people to lose interest in the market.
With that said, when you are in doubt, just zoom out. When Bitcoin was at $15k and fear was everywhere, we would have been thrilled to be back at $29k. While we would all like the price to be much higher, there is no denying that 2023 has been a very good year for Bitcoin.
Throughout Bitcoin’s history, each year has been different. Some have been great, some have been horrible, and some have been mediocre. There have been a lot of exciting developments that will assure Bitcoin has a bright future. Sometimes it just takes a while for all of these developments to be reflected in the price. After taking everything into consideration, there is no doubt this has been a great year for Bitcoin.
How about you? Do you think 2023 has been a successful year for Bitcoin
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As always, thank you for reading!
