Bitcoin Marketcap

$319B

Gold Marketcap

$10.67T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.75%

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KEY MARKETS

24hr change

Bitcoin

$16,867  📈

+$406.34

+2.47%


S&P 500

3,959  📉

-7.41

-0.19%


Gold

$1,755  📈

+$2.05

+0.12%


Silver

$21.25  📈

+$0.05

+0.23%


Euro

$1.0343  📉

-$0

-0.17%


Yen

¥138.55  📉

-¥0.01

-0.01%


Renminbi (CNY)

¥7.1521   

-¥0.02

-0.28%


Oil (WTI)

$78.68  📈

+$0.18

+0.23%


BITCOIN STATS

Bitcoin Marketcap

$319B


BTC Inflation Rate (next 1yr)

1.75%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$4.18B


Active Addresses

1.02M


Mining Reward Value (24hr)

$15.4M


GBTC Premium

-50.94%


MSTR Premium

50.28%


BTC Down From ATH

75.46%


BTC Up From Cycle Low

-4.52%


RATES & YIELDS

24hr change

UST 3mo

4.41%  📈

+0

0%


UST 2yr

4.42%  📉

-0.04

-0.9%


UST 10yr

3.68%  📉

-0.03

-0.81%


UST 30yr

3.74%  📈

+0

0%


Fed Funds (EFFR)

3.83%  📈

+0

0%


US 10yr Breakeven Inflation

2.26%  📉

-0.06

-2.59%


Real Rate (10yr)

1.42%  📈

+0.03

+2.16%


RATIOS

24hr change

Gold:BTC (marketcap)

33.46x   

-0.8

-2.33%


M2:BTC (marketcap)

67.13x   

-1.66

-2.41%


BTC:Oil (price)

214.38x   

+4.68

+2.23%


Gold:Oil (price)

22.31x   

-0.03

-0.11%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.62T  📉

 

-1.17%


M1 Money Supply

$20.10T  📉

 

-0.91%


M2 Money Supply

$21.42T  📉

 

-0.41%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

-70%

-1%

-13%

2 year:

-11%

-2%

+8%

3 year:

+129%

+19%

+27%

4 year:

+315%

+44%

+44%

5 year:

+55%

+37%

+50%

6 year:

+2,115%

+50%

+80%

7 year:

+4,578%

+65%

+89%

8 year:

+4,371%

+46%

+91%

9 year:

+1,511%

+44%

+120%

10 year:

+133,565%

+2%

+180%

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's ROI vs other potential inflation hedge assets.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. Bitcoin's relatively small size, plus fundamental properties, yield extreme outperformance when even relatively small funds-flows find their way to BTC.

BTC DAYS ABOVE PRICE

Bitcoin Price Closing History by Level

Days Bitcoin Closed Above:

Price

Days Above

% of Bitcoin's Life

$19,000

685

13.49%

$18,000

707

13.92%

$17,000

718

14.14%

$16,868

720

14.18%

$16,000

747

14.71%

$15,000

762

15.01%

$10,000

1007

19.83%

Data Sources: Messari.io, bitcoincharts.com

What is it: This the number of days in which bitcoin "closed" (trading level at midnight UTC) above various price levels.

Why it matters: This can give a sense of where bitcoin is currently trading relative to past cycles.

SHARPE 5yr

DOUBLING TIME

WHY BITCOIN, WHY NOW?

Bitcoin is a scarce digital asset with an unchangeable monetary policy. Its rate of inflation is currently under 2% and decreasing, ultimately to zero. Only 21million BTC will ever exist, with ~18.6million in existence today. It is fundamentally independent of the fiat money system, yet is a liquid, globally tradeable asset. BTC is convertible to over 150 national currencies 24/7, and can be self-stored or custodied with 3rd parties, including with qualified custodians. Bitcoin can be traded on venues ranging from peer-to-peer services, to large regulated US institutional brokerages and exchanges.

Bitcoin vs Select Indexes & Assets

Bitcoin's ROI performance, as well as risk-adjusted return, has outperformed most benchmarks over most time-frames.

 

Marketcap

Price

Volume
24hr

Inflation
Next 1yr

Inflation
Next 10yrs

ROI
1yr

CAGR
10yr

Volatility
1yr

Sharpe
1yr

Sharpe
5yr


Bitcoin

$319B

$16,868

$4.18B

1.75%

10.34%

-70.49%

105.40%

0.47

-2.50

0.44


Gold

$10.67T

$1,755

~$4.54B

1.52%

15.18%

-1.27%

0.20%

0.09

-0.29

0.51


S&P 500

~$33.37T

$3,959

--

--

--

-13.38%

10.85%

0.20

-0.86

0.49


NASDAQ

~$15.38T

$11,067

--

--

--

-29.40%

13.90%

0.26

-1.18

0.54


USTs (TLT)

--

$102.06

--

--

--

-32.62%

-1.94%

0.17

-2.45

-0.35


https://casebitcoin.com

BITCOIN CHARTS & DATA

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

-70%

-1%

-13%

2 year:

-11%

-2%

+8%

3 year:

+129%

+19%

+27%

4 year:

+315%

+44%

+44%

5 year:

+55%

+37%

+50%

6 year:

+2,115%

+50%

+80%

7 year:

+4,578%

+65%

+89%

8 year:

+4,371%

+46%

+91%

9 year:

+1,511%

+44%

+120%

10 year:

+133,565%

+2%

+180%

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's ROI vs other potential inflation hedge assets.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. Bitcoin's relatively small size, plus fundamental properties, yield extreme outperformance when even relatively small funds-flows find their way to BTC.


Bitcoin & Traditional Assets CAGR

BTC vs Traditional Assets CAGR:

 

Bitcoin

Gold

S&P 500

1 year:

-70%

-1%

-13%

2 year:

-6%

-0.79%

+4%

3 year:

+32%

+6%

+8%

4 year:

+43%

+9%

+10%

5 year:

+9%

+7%

+8%

6 year:

+68%

+7%

+10%

7 year:

+73%

+7%

+10%

8 year:

+61%

+5%

+8%

9 year:

+36%

+4%

+9%

10 year:

+105%

+0.20%

+11%

Data Source: Messari.io, bitcoincharts.com

What is it: This shows bitcoin's Compound Annual Growth Rate (CAGR) vs other assets over various timeframes. For example this is showing that bitcoin has returned 155% on average, every year, for the past 5 years, while gold has returned 7% on average each year over the same period.

Why it matters: As with the historical bitcoin price table, we see bitcoin's extreme outperformance vs other assets here as well. These CAGR numbers solidify bitcoin's status as the best performing financial asset in history.


LEARN ABOUT BITCOIN

Bitcoin reminds me of gold when I first got into the business in 1976

- Paul Tudor Jones, Hedge Fund Manager

Frankly, if the gold bet works, the bitcoin bet will probably work better

- Stanley Druckenmiller - hedge fund manager

Bitcoin is a technological tour de force

- Bill Gates, Founder - Microsoft

[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.

- Jerome Powell, Federal Reserve Chairman

There are 3 eras of currency: commodity based, politically based, and now, math based.

- Chris Dixon - Tech Investor, A16Z

Bitcoin may be the TCP/IP of money.

- Paul Buchheit - Gmail Creator

If they become widely accepted, virtual currencies could have a substitution effect on central bank money.

- European Central Bank - 2012

Bitcoin is Gold 2.0, a huge, huge deal.

- Chamath Palihapitiya - Founder & CEO Social Capital

I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

Common Critique #6
Bitcoin Can Be Cloned

Critique:  Bitcoin is one of many thousands of crypto assets, and anyone can create more whenever they want. Bitcoin therefore is not scarce and can't be valuable.

Rebuttal:  Crypto currencies are not scarce, but bitcoins on the bitcoin network are. Anyone can indeed clone the open-source bitcoin codebase at any time, and launch their own coin, but they... more

WHAT MONEY MANAGERS ARE SAYING

bill-miller

Bill Miller
Founder, Miller Value Funds

“Some of the great investors of our time, Stanley Druckenmiller, Paul Tudor Jones, are gold bulls. Many people, if they're not gold bulls, they at least believe that it's possible inflation comes back with the Fed gunning the money supply here, and with more fiscal stimulus. I think it's reasonable to own gold. With respect to bitcoin...it's been a great month for bitcoin, but it's also been a great year,...” more

christopher-wood

Christopher Wood
Global Head of Equity Strategy, Jefferies Group

“The 50 per cent weight in physical gold bullion in the portfolio will be reduced for the first time in several years by five percentage points with the money invested in Bitcoin. If there is a big drawdown in bitcoin from the current level, after the historic breakout above the $20,000 level, the intention will be to add to this position....” more

BITCOIN LIBRARY

THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

MOST RECENTLY ADDED

We're adding to the library constantly. These are the newest additions.