The two-sided performance of 2023 so far has been reminiscent of 2019. For those new to the sector, 2018 has been very similar to 2022, with a sharp pullback following the bull market peaks of 2017 and 2021. Prices bottomed out in December 2018 at around US$3,200 before rising rapidly in the first half of 2019 to close to US$14,000 by the end of June. From the lows to the June highs, Bitcoin rose 328%. Initially, there was no underlying reason for Bitcoin's rise, but then a narrative emerged around the devaluation of the Chinese yuan and the desire of Chinese investors to preserve their value through Bitcoin. However, the second half of 2019 was a very different story to the first half, with Bitcoin falling by almost 50% to $7,100. While Bitcoin is still up 90.9% in 2019, the process of getting to that point has not been smooth. However, the most important thing about 2019, and something that we believe applies to Bitcoin today, is that it marks the first year of a new bull market that will last until 2021.