Bitcoin Marketcap

$1.15T

Gold Marketcap

$10.72T

BTC Settlement Volume (24hr)

$9.89B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$61,221  πŸ“ˆ

+$1,642

+2.76%


S&P 500

4,478  πŸ“ˆ

+11.42

+0.26%


Gold

$1,763  πŸ“‰

-$2.57

-0.15%


Silver

$23.18  πŸ“‰

-$0.12

-0.5%


Euro

$1.1612  πŸ“ˆ

+$0.00

+0.16%


Yen

Β₯114.31  πŸ“ˆ

+Β₯0.04

+0.03%


Renminbi (CNY)

Β₯6.4296   

-Β₯0.01

-0.1%


Oil (WTI)

$81.74  πŸ“‰

-$0.54

-0.66%


BITCOIN STATS

Bitcoin Marketcap

$1.15T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.75%


BTC Settlement Volume (24hr)

$9.89B


Real Exchange Volume (24hr)

$12.86B


Active Addresses

937,355


Mining Reward Value (24hr)

$56.0M


GBTC Premium

3.11%


MSTR Premium

12.67%


BTC Down From ATH

5.43%


BTC Up From Cycle Low

109.32%


RATES & YIELDS

24hr change

UST 3mo

0.05%  πŸ“ˆ

+0

0%


UST 2yr

0.41%  πŸ“ˆ

+0.05

+13.89%


UST 10yr

1.59%  πŸ“ˆ

+0.07

+4.61%


UST 30yr

2.05%  πŸ“ˆ

+0.03

+1.49%


Fed Funds (EFFR)

0.08%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.56%  πŸ“ˆ

+0.04

+1.59%


Real Rate (10yr)

-1.04%  πŸ“ˆ

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

9.29x   

-0.28

-2.93%


M2:BTC (marketcap)

18.02x   

-0.53

-2.84%


BTC:Oil (price)

748.97x   

+26.00

+3.60%


Gold:Oil (price)

21.56x   

+0.10

+0.47%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.48T  πŸ“ˆ

+$32.17B

+0.38%


M1 Money Supply

$19.68T  πŸ“ˆ

+$276B

+1.42%


M2 Money Supply

$20.80T  πŸ“ˆ

+$262B

+1.28%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+428%

-7%

+28%

2 year:

+672%

+18%

+50%

3 year:

+860%

+44%

+62%

4 year:

+989%

+37%

+75%

5 year:

+9,675%

+39%

+109%

6 year:

+22,823%

+50%

+121%

7 year:

+15,836%

+41%

+136%

8 year:

+36,806%

+34%

+157%

9 year:

+524,474%

+2%

+212%

10 year:

+2,138,837%

+8%

+265%

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

$70,000

0

0

$61,238

6

0.13%

$60,000

10

0.21%

$50,000

89

1.91%

$40,000

183

3.92%

$30,000

288

6.17%

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

Critique #8: Bitcoin Fails As a Currency

<< back to all critiques

critique:  Bitcoin is too volatile to be a day-to-day currency, plus it takes too long for transactions to settle, and sometimes has high transaction fees, so it's a failure as money.

rebuttal:  It's true that bitcoin is not a viable global every-day currency today (though it settles $billions equivalent in transactions every day). And it may never be. But that's ok. Gold would make a much worse day-to-day currency, and yet humanity finds over $10 trillion in value in gold's fundamental properties. Furthermore, bitcoin's digital nature and programmability mean future innovations can be built on top of bitcoin's base layer, potentially enabling direct frictionless instant global payments at scale.

It is commonly accepted that a "currency" has to be 3 things:
1) a medium of exchange
2) a unit of account
3) a store of value

Bitcoin critics argue that it directly fails on #1 and #2, and that its trading volatility (critique #3) invalidates #3. Perhaps "currency" is a misnomer for bitcoin today. In any event, bootstraping a commodity like bitcoin from nothing to a global currency that satisfies all 3 conditions would likely require it to go through various distinct phases of development. Nick Szabo examines this process in his 2002 (pre-dating bitcoin) essay "Shelling Out -- The Origins of Money".

Bitcoin is arguably in a phase where it is emerging as a store of value, which can serve as a base on which to build the other two pillars of a good currency. But even if that never happens, digital store of value is a huge market, and an asset doesn't need to be a globally accepted means of payment in order to excel as a high-marketcap store of value.