Bitcoin Marketcap

$1.07T

Gold Marketcap

$10.78T

BTC Settlement Volume (24hr)

$30.61B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$56,464  📈

+$2.80

+0.00%


S&P 500

4,571  📈

+45.97

+1.02%


Gold

$1,773  📉

-$5.24

-0.29%


Silver

$22.38  📈

+$0.00

+0.02%


Euro

$1.1296  📉

-$0

-0.33%


Yen

¥113.17  📈

+¥0.11

+0.10%


Renminbi (CNY)

¥6.3718   

+¥0.00

+0.03%


Oil (WTI)

$67.67  📈

+$1.42

+2.14%


BITCOIN STATS

Bitcoin Marketcap

$1.07T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.94%


BTC Settlement Volume (24hr)

$30.61B


Real Exchange Volume (24hr)

$5.48B


Active Addresses

1.06M


Mining Reward Value (24hr)

$51.6M


GBTC Premium

-18.50%


MSTR Premium

11.41%


BTC Down From ATH

18.04%


BTC Up From Cycle Low

92.54%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.52%  📈

+0.01

+1.96%


UST 10yr

1.43%  📉

-0.09

-5.92%


UST 30yr

1.78%  📉

-0.09

-4.81%


Fed Funds (EFFR)

0.08%  📈

+0.01

+14.29%


US 10yr Breakeven Inflation

2.47%  📈

+0.03

+1.23%


Real Rate (10yr)

-1.01%  📈

-0.03

-3.06%


RATIOS

24hr change

Gold:BTC (marketcap)

10.10x   

-0.04

-0.37%


M2:BTC (marketcap)

19.86x   

-0.03

-0.13%


BTC:Oil (price)

833.57x   

-17.76

-2.09%


Gold:Oil (price)

26.20x   

-0.64

-2.39%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.65T  📈

+$94.22B

+1.10%


M1 Money Supply

$20.08T  📈

+$221B

+1.11%


M2 Money Supply

$21.19T  📈

+$204B

+0.97%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+195%

-4%

+24%

2 year:

+677%

+20%

+47%

3 year:

+1,384%

+43%

+71%

4 year:

+383%

+39%

+73%

5 year:

+7,273%

+50%

+108%

6 year:

+14,916%

+65%

+121%

7 year:

+14,907%

+48%

+121%

8 year:

+5,094%

+44%

+156%

9 year:

+421,881%

+4%

+225%

10 year:

+1,898,899%

+2%

+263%

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

$60,000

40

0.85%

$56,468

89

1.89%

$50,000

135

2.86%

$40,000

229

4.86%

$30,000

334

7.08%

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

$1.07T

$56,469

$5.48B

1.78%

10.34%

194.83%

167.83%

0.56

2.24

1.80


Gold

$10.78T

$1,773

~$4.54B

1.52%

15.18%

-3.68%

0.24%

0.09

-0.27

0.71


S&P 500

~$38.53T

$4,571

--

--

--

23.85%

13.76%

0.10

2.61

1.09


NASDAQ

~$21.91T

$15,764

--

--

--

26.80%

19.55%

0.14

2.19

1.31


USTs (TLT)

--

$152.48

--

--

--

-2.81%

2.64%

0.11

-0.72

0.29


https://casebitcoin.com

BITCOIN & MACRO NEWS

Mass Mutual in Bitcoin for the Long Term - CIO

In a blog post on bitcoin and the crypto-economy overall today, Mass Mutual's Chief Investment Officer Tim Corbett explained the 170 year old firm's approach to Bitcoin and digital assets, which can be summed up as "taking the long view".


Mr Corbett explained:

Bitcoin’s unique characteristics—including digital scarcity, known supply growth, transfer characteristics, and hard cap on the total number of tokens—open the possibility that it may serve as a kind of “digital gold,” with the potential for significant price appreciation.


He also pointed out bitcoin's volatility and risk profile, but noted: "In our position as a leading mutual life insurance company, we have the ability to take that long view."


Additionally, Mr Corbett announced that Mass Mutual is launching Flourish Crypto, which he described as "a cryptocurrency investing solution built for Registered Investment Advisors (RIAs) and their clients", significantly raising the profile of bitcoin as an investment asset to the key group of investment advisors.

tldr

  • Mass Mutual added a $100mm BTC position to their general account in Q4 2020, in what was widely considered significant validation of bitcoin as an investable asset
  • Mr. Corbett's focus on the long-term and willingness to look at bitcoin's fundamental properties are key to Mass Mutual supporting BTC
  • Finally, giving RIAs tooling and support for recommending bitcoin/crypto as investments, is an important step for the wider investment advisory world.

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 #9
Bitcoin Can't Scale

Critique:  Bitcoin can only support around 7 transactions per second, so it will never be a global currency.

Rebuttal:  Bitcoin's base layer today can indeed only support a theoretical throughput of 7-10 transactions per second. This is vastly less than the ~4000 tx/sec that the VISA network can hit... more

WHAT MONEY MANAGERS ARE SAYING

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

paul-tudor-jones

Paul Tudor Jones
Founder, Tudor Investments

“At the end of the day, the best profit-maximizing strategy is to own the fastest horse. Just own the best performer and not get wed to an intellectual side that might leave you weeping in the performance dust because you thought you were smarter than the market. If I am forced to forecast, my bet is it will be Bitcoin. Bitcoin reminds me of gold when I first got in...” more

BITCOIN LIBRARY

THE INVESTMENT CASE FOR BITCOIN

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

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