Bitcoin bites the bullet - Some of its most puzzling tradeoffs explained

Bitcoin Marketcap

$1.85T

Gold Marketcap

$15.95T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.17%

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KEY MARKETS

24hr change

Bitcoin

$97,995 📈

+$5,515

+5.96%

S&P 500

5,911 📈

+40.46

+0.69%

Gold

$2,623 📈

+$20.28

+0.78%

Silver

$29.52 📈

+$0.69

+2.40%

Euro

$1.0430 📈

+$0.00

+0.35%

Yen

¥156.42 📉

-¥0.29

-0.19%

Renminbi (CNY)

¥7.2964

-¥0

-0.04%

Oil (WTI)

$69.57 📈

+$1.04

+1.52%

BITCOIN STATS

Bitcoin Marketcap

$1.85T

BTC Inflation Rate (next 1yr)

1.17%

% Supply Issued

90.03%

BTC Settlement Volume (24hr)

$12.90B

Real Exchange Volume (24hr)

$47.15B

Active Addresses

1.02M

Mining Reward Value (24hr)

$89.6M

GBTC Premium

200.86%

MSTR Premium

-80.49%

BTC Down From ATH

9.68%

BTC Up From Cycle Low

6.05%

RATES & YIELDS

24hr change

UST 3mo

4.35% 📉

-0.01

-0.23%

UST 2yr

4.35% 📈

+0.10

+2.35%

UST 10yr

4.50% 📈

+0.10

+2.27%

UST 30yr

4.65% 📈

+0.06

+1.31%

Fed Funds (EFFR)

4.33% 📉

-0.25

-5.46%

US 10yr Breakeven Inflation

2.29% 📈

Real Rate (10yr)

2.21% 📈

+0.13

+6.25%

RATIOS

24hr change

Gold:BTC (marketcap)

8.61x

-0.44

-4.84%

M2:BTC (marketcap)

11.50x

-0.72

-5.87%

BTC:Oil (price)

1,407x

+58.35

+4.33%

Gold:Oil (price)

37.71x

-0.27

-0.72%

US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$6.89T 📉

-0.5%

M1 Money Supply

$18.24T 📈

+$86.00B

+0.47%

M2 Money Supply

$21.31T 📈

+$90.00B

+0.42%

BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

Bitcoin

Gold

S&P 500

1 year:

+124%

+28%

+25%

2 year:

+484%

+46%

+55%

3 year:

+97%

+45%

+26%

4 year:

+317%

+40%

+60%

5 year:

+1,249%

+77%

+83%

6 year:

+2,374%

+109%

+149%

7 year:

+586%

+106%

+120%

8 year:

+10,762%

+132%

+161%

9 year:

+21,441%

+144%

+187%

10 year:

+29,727%

+123%

+184%

11 year:

+14,807%

+117%

+223%

12 year:

+732,975%

+58%

+315%

13 year:

+2.4 million%

+63%

+367%

14 year:

+38 million%

+90%

+371%

https://casebitcoin.com

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

$100,000

0.15%

$97,870

0.26%

$90,000

0.62%

$80,000

0.70%

$50,000

450

7.72%

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

19 Jun 2019 | Nic Carter | Price when published: $9,204 (ROI since: +965%)

Bitcoin bites the bullet - Some of its most puzzling tradeoffs explained

Filed under: topic icon technology medium icon blogs

EXCERPT

As a consequence, Bitcoin is saddled with a variety of features which are cumbersome, onerous, restrictive, and impair its ability to innovate, all in service of a longer-term or more overarching goal. In this article I’ll cover a few of the tradeoffs where Bitcoin opted for the unpopular or more challenging path, in pursuit of an ambitious long-term objective:

- Managed/unmanaged exchange rates
- Uncapped/capped supply
- Frequent/infrequent hard forks
- Discretionary/nondiscretionary monetary policy
- Unbounded/bounded block space

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