Bitcoin Marketcap

$875B

Gold Marketcap

$10.93T

BTC Settlement Volume (24hr)

$15.38B

BTC Inflation Rate (next 1yr)

1.80%

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KEY MARKETS

24hr change

Bitcoin

$47,058  πŸ“‰

 

-6.64%


S&P 500

3,832  πŸ“‰

-94.34

-2.4%


Gold

$1,798  πŸ“‰

-$6.17

-0.34%


Silver

$27.66  πŸ“ˆ

+$0.07

+0.27%


Euro

$1.2117  πŸ“‰

-$0.01

-0.95%


Yen

Β₯106.44  πŸ“ˆ

+Β₯0.36

+0.34%


Renminbi (CNY)

Β₯6.4610   

+Β₯0.01

+0.19%


Oil (WTI)

$62.30  πŸ“‰

-$1.06

-1.67%


BITCOIN STATS

Bitcoin Marketcap

$875B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

88.75%


BTC Settlement Volume (24hr)

$15.38B


Real Exchange Volume (24hr)

$11.55B


Active Addresses

1.22M


Mining Reward Value (24hr)

$42.7M


GBTC Premium

-2.02%


BTC Down From ATH

19.58%


BTC Up From Cycle Low

4.21%


RATES & YIELDS

24hr change

UST 3mo

0.03%  πŸ“‰

-0.01

-25%


UST 2yr

0.11%  πŸ“ˆ

+0

0%


UST 10yr

1.37%  πŸ“ˆ

+0

0%


UST 30yr

2.21%  πŸ“ˆ

+0.02

+0.91%


Fed Funds (EFFR)

0.07%  πŸ“ˆ

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

12.47x   

+0.79

+6.75%


M2:BTC (marketcap)

22.25x   

+1.50

+7.22%


BTC:Oil (price)

753.24x   

-40.07

-5.05%


Gold:Oil (price)

28.72x   

+0.34

+1.21%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.59T  πŸ“ˆ

+$185B

+2.50%


M1 Money Supply

$6.81T  πŸ“ˆ

+$13.80B

+0.20%


M2 Money Supply

$19.41T  πŸ“‰

 

-0.68%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+422%

+9%

+31%

2 year:

+1,108%

+36%

+38%

3 year:

+336%

+36%

+40%

4 year:

+3,764%

+43%

+62%

5 year:

+10,540%

+47%

+96%

6 year:

+17,854%

+48%

+82%

7 year:

+7,968%

+36%

+106%

8 year:

+134,955%

+14%

+153%

9 year:

+937,419%

+5%

+180%

10 year:

+5,151,797%

+25%

+193%

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

$50,000

6

0.14%

$46,926

15

0.34%

$40,000

20

0.45%

$30,000

55

1.24%

$20,000

72

1.62%

$10,000

377

8.50%

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 #9: Bitcoin Can't Scale

<< back to all critiques

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 at peak times. But bitcoin transactions are not VISA transactions. Bitcoin today settles over $5B in transactions per day across hundreds of thousands of transactions. This simply means a much higher average transaction value (over $5,000) vs retail payment networks (VISA's is around $80). Bitcoin is much more akin to a large value settlement network today, than a retail payments network.

The core nature of a bitcoin transaction means any amount of value can be transacted using the same number of bytes and bandwidth. Given its core use today as an emerging store of value (see critique #8), it makes sense that average transaction value would be high, but sheer number of transactions per day would be a lot less than existing global payment networks. Global high-value independent settlement, that works anywhere, doesn't require a middleman, and credibly cannot be reversed, is a unique and high-value use-case that bitcoin alone occupies today.

In the future, advancements such as bitcoin's lightning network may offer a very high throughput way to issue bitcoin transactions, allowing bitcoin to scale as payment network, and even offer new payment use-cases not practical with traditional networks, such as machine-to-machine micropayments.