Bitcoin Update: Reflecting on 2022 and the Future

Bitcoin’s 2022

2022 was a rough year for crypto. Numerous blowups and deteriorating macro conditions led to a brutal price decline. BTC handled the year better than most coins — as is to be expected — but the macro situation still hit the asset hard.

Bitcoin has been rather unloved from a narrative perspective in the broader crypto market. Tech upgrades to Ethereum, new chain launches, and application-layer innovations have dominated headlines and attention. As such, this is an interesting time to look back at what’s gone on with Bitcoin.

The past year was a tumultuous one for Bitcoin, with usage stagnating and miners facing increasing pressure. But there were positives as well, like the introduction of Taro. In this memo, we aim to turn back the clock and analyze Bitcoin’s 2022 to infer what it means for 2023.