Bitcoin Marketcap
$1.12T
Gold Marketcap
$10.58T
BTC Settlement Volume (24hr)
$13.26B
BTC Inflation Rate (next 1yr)
1.80%
CASEBITCOIN
making the case for bitcoin every day
SEARCHKEY MARKETS
24hr change
BITCOIN STATS
Bitcoin Marketcap
$1.12T
BTC Inflation Rate (next 1yr)
1.80%
% Supply Issued
88.94%
BTC Settlement Volume (24hr)
$13.26B
Real Exchange Volume (24hr)
$5.55B
Active Addresses
1.16M
Mining Reward Value (24hr)
$54.9M
GBTC Premium
-10.04%
MSTR Premium
13.10%
BTC Down From ATH
2.16%
BTC Up From Cycle Low
18.37%
RATES & YIELDS
24hr change
RATIOS
24hr change
Gold:BTC (marketcap)
9.46x
-0.15
-1.58%
M2:BTC (marketcap)
17.35x
-0.25
-1.4%
BTC:Oil (price)
1,006x
+11.54
+1.16%
Gold:Oil (price)
29.24x
-0.15
-0.51%
US GOVERNMENT STATS
30-day change
BTC ROI
Bitcoin & Traditional Assets ROI (vs USD)
BTC vs Traditional Assets ROI:
Bitcoin
Gold
S&P 500
1 year:
+766%
-0.62%
+48%
2 year:
+1,084%
+35%
+41%
3 year:
+658%
+29%
+54%
4 year:
+4,939%
+35%
+76%
5 year:
+14,062%
+41%
+97%
6 year:
+27,249%
+46%
+96%
7 year:
+12,144%
+33%
+124%
8 year:
+70,665%
+16%
+159%
9 year:
+1,212,922%
+5%
+200%
10 year:
+5,906,074%
+18%
+214%
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
2
0.04%
$59,908
2
0.04%
$50,000
43
0.96%
$40,000
65
1.45%
$30,000
100
2.23%
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
Marketcap
Price
Volume
24hr
Inflation
Next 1yr
Inflation
Next 10yrs
ROI
1yr
CAGR
10yr
Volatility
1yr
Sharpe
1yr
Sharpe
5yr
Bitcoin
$1.12T
$59,906
$5.55B
1.80%
10.34%
766.07%
200.01%
0.47
4.83
2.08
Gold
$10.58T
$1,741
~$4.54B
1.52%
15.18%
-0.62%
1.63%
0.12
0.18
0.55
S&P 500
~$34.67T
$4,113
--
--
--
47.77%
12.13%
0.16
2.66
0.99
USTs (TLT)
--
$137.52
--
--
--
-16.31%
4.05%
0.11
-1.49
0.04
https://casebitcoin.com
BITCOIN & MACRO NEWS
Grayscale Investments - the manager of the Bitcoin Investment Trust, which trades as GBTC on US markets - today announced their intention to ultimately turn GBTC into a proper Bitcoin ETF.
They said:
Today, we remain committed to converting GBTC into an ETF although the timing will be driven by the regulatory environment. When GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action and the management fee will be reduced accordingly.
The GBTC product in its current form is not a traditional ETF. It is a closed-end fund with no redemption mechanism for the underlying BTC; thus fluid two-sided arbitrage cannot be done. This has caused GBTC to trade at a significant premium (at times in excess of 100%) to spot BTC throughout most of its life. In recent weeks, though, the premium has gone negative as GBTC both faces more competition as a publicly-listed instrument for BTC exposure (see $MSTR, $BTCC), and big-pocket firms participating in a carry-trade of sorts to bring the premium down.
Grayscale's statement of intent to covert to an ETF when the "regulatory environment" is right is not surprising; given that the underlying Trust and GBTC product, as currently formed, may lose competitive advantage if and when the SEC (finally) approves proper Bitcoin ETF products.
Recent Headlines
LEARN ABOUT BITCOIN
Bitcoin reminds me of gold when I first got into the business in 1976
Frankly, if the gold bet works, the bitcoin bet will probably work better
Bitcoin is a technological tour de force
[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.
There are 3 eras of currency: commodity based, politically based, and now, math based.
Bitcoin may be the TCP/IP of money.
If they become widely accepted, virtual currencies could have a substitution effect on central bank money.
Bitcoin is Gold 2.0, a huge, huge deal.
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
Bitcoin is money, everything else is credit.
Common Critique #3
Bitcoin is Too Volatile
Critique: Bitcoin is too volatile to be a useful currency or store-of-value.
Rebuttal: It's true that bitcoin historically has very high trading volatility. This is not a surprise for an asset whose market cap has grown to hundreds of billions of dollars, from... more
WHAT MONEY MANAGERS ARE SAYING
“...post-pandemic changes to the policy environment, debt levels and diversification options for investors mean the asset manger now has 'to admit [bitcoin] does' have a role in asset allocation, at least over the long term....” more
“Do I think [bitcoin] is a durable mechanism that will take the place of gold to a large extent? Yeah I do......” more
BITCOIN LIBRARY
THE INVESTMENT CASE FOR BITCOIN
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