Bitcoin Marketcap

$576B

Gold Marketcap

$11.27T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.76%

logo CASEBITCOIN making the case for bitcoin every day

KEY MARKETS

24hr change

Bitcoin

$30,481  πŸ“ˆ

+$1,074

+3.65%


S&P 500

3,903  πŸ“‰

-0.6

-0.02%


Gold

$1,854  πŸ“ˆ

+$2.19

+0.12%


Silver

$21.96  πŸ“ˆ

+$0.22

+1.01%


Euro

$1.0600  πŸ“ˆ

+$0.00

+0.36%


Yen

Β₯127.78  πŸ“‰

-Β₯0.15

-0.12%


Renminbi (CNY)

Β₯6.6586   

-Β₯0.03

-0.51%


Oil (WTI)

$111.20  πŸ“ˆ

+$0.90

+0.82%


BITCOIN STATS

Bitcoin Marketcap

$576B


BTC Inflation Rate (next 1yr)

1.76%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$2.74B


Active Addresses

1.02M


Mining Reward Value (24hr)

$27.9M


GBTC Premium

-32.99%


MSTR Premium

-29.78%


BTC Down From ATH

55.67%


BTC Up From Cycle Low

17.90%


RATES & YIELDS

24hr change

UST 3mo

1.05%  πŸ“ˆ

+0.02

+1.94%


UST 2yr

2.68%  πŸ“‰

-0.03

-1.11%


UST 10yr

2.88%  πŸ“‰

-0.1

-3.36%


UST 30yr

3.06%  πŸ“‰

-0.11

-3.47%


Fed Funds (EFFR)

0.83%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.55%  πŸ“‰

-0.04

-1.54%


Real Rate (10yr)

0.33%  πŸ“ˆ

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

19.56x   

-0.68

-3.37%


M2:BTC (marketcap)

37.85x   

-1.37

-3.49%


BTC:Oil (price)

274.06x   

+7.37

+2.77%


Gold:Oil (price)

16.67x   

-0.12

-0.69%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.95T  πŸ“‰

 

-0.22%


M1 Money Supply

$20.71T  πŸ“ˆ

+$15.90B

+0.08%


M2 Money Supply

$21.81T  πŸ“‰

 

-0.01%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

-17%

-1%

-7%

2 year:

+241%

+7%

+32%

3 year:

+284%

+44%

+38%

4 year:

+304%

+43%

+43%

5 year:

+1,199%

+47%

+62%

6 year:

+6,761%

+49%

+89%

7 year:

+12,825%

+55%

+85%

8 year:

+5,169%

+45%

+105%

9 year:

+23,400%

+33%

+137%

10 year:

+597,218%

+19%

+194%

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

$40,000

328

6.71%

$30,480

485

9.92%

$30,000

491

10.05%

$20,000

516

10.56%

$10,000

821

16.80%

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

THE BITCOIN LIBRARY

20 May 2020 | Messari | Price when published: $9,647 (ROI since: +216%)

A Thesis for Institutional Investment

Filed under: topic icon fundamentals  medium icon reports

Messari takes a macro-oriented and data-driven approach to making a very strong investment case for Bitcoin, culminating in a comparison to gold which suggests a 6300% upside potential:

story image


The core thesis is build around the observations that:

  • Bitcoin is experiencing institutionalization via various investment products, futures, lending instruments, etc
  • Bitcoin is increasingly relevant on the macro-stage as a new asset class
  • Central bank monetary policy, accelerated by Covid-19, amplifies bitcoin's value prop and accelerates market adoption
  • The current political environment is consistent with the end of debt-supercycles, and the consequent rise of MMT creates an environment where bitcoin can thrive.

  • EXCERPT

    Finally there’s just simply more upside in Bitcoin than more established store of
    value assets like gold. There are many people, usually unacquainted with Bitcoin,
    who suggest that Bitcoin is overvalued based on its $170 billion market
    capitalization. This usually stems from misguided comparisons to company
    valuations or criticisms of Bitcoin’s lack of intrinsic value. It’s important to
    understand Bitcoin is not a company. It is a money. Not only are monies valued in
    the trillions of dollars, but they also have very little if any intrinsic value. The total
    value of above-ground gold, which has limited industrial use, is more than $10
    trillion. The total value of all the base fiat money in the world, which only has value
    because governments say they do, is worth nearly $20 trillion dollars.


    Read in Full

    What do you think of this piece?


    MORE FROM FUNDAMENTALS

    MORE REPORTS