March 2023 Bitcoin Brief
Bitcoin was explicitly designed for today’s market environment, and it delivered strong performance in the first quarter of 2023. Bitcoin ended the quarter above $28,000 and up 72% YTD, making it bitcoin’s best performing quarter since 1Q21.
The failure, seizure, and forced combination of large banking institutions has shined the light on the benefits of an alternative store of value that requires no trust in the traditional banking system. It should come as no surprise that concerns related to banking coupled with the return of a more dovish Federal Reserve in response to the crisis appear to have renewed demand for a decentralized monetary asset that’s uniquely scarce and has an immutable supply function. Moreover, bitcoin’s price rebound wasn’t deterred by significant regulatory enforcement actions against select digital asset providers.
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