Bitcoin Marketcap

$892B

Gold Marketcap

$10.66T

BTC Settlement Volume (24hr)

$16.43B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$47,409  πŸ“‰

-$231.94

-0.49%


S&P 500

4,410  πŸ“‰

-64.6

-1.44%


Gold

$1,754  πŸ“ˆ

+$0.37

+0.02%


Silver

$22.40  πŸ“‰

-$0.49

-2.15%


Euro

$1.1726  πŸ“‰

-$0

-0.36%


Yen

Β₯109.93  πŸ“ˆ

+Β₯0.20

+0.19%


Renminbi (CNY)

Β₯6.4662   

+Β₯0.01

+0.13%


Oil (WTI)

$71.87  πŸ“‰

-$0.67

-0.92%


BITCOIN STATS

Bitcoin Marketcap

$892B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.61%


BTC Settlement Volume (24hr)

$16.43B


Real Exchange Volume (24hr)

$3.97B


Active Addresses

1.02M


Mining Reward Value (24hr)

$43.1M


GBTC Premium

-17.49%


MSTR Premium

17.27%


BTC Down From ATH

26.71%


BTC Up From Cycle Low

61.67%


RATES & YIELDS

24hr change

UST 3mo

0.04%  πŸ“ˆ

+0

0%


UST 2yr

0.23%  πŸ“ˆ

+0.02

+9.52%


UST 10yr

1.34%  πŸ“ˆ

+0.03

+2.29%


UST 30yr

1.88%  πŸ“ˆ

+0.01

+0.53%


Fed Funds (EFFR)

0.08%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.35%  πŸ“ˆ

+0

0%


Real Rate (10yr)

-1.04%  πŸ“‰

+0.03

+-2.80%


RATIOS

24hr change

Gold:BTC (marketcap)

11.95x   

+0.07

+0.58%


M2:BTC (marketcap)

23.03x   

+0.13

+0.57%


BTC:Oil (price)

659.74x   

+2.40

+0.37%


Gold:Oil (price)

24.43x   

+0.24

+0.98%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.45T  πŸ“ˆ

+$106B

+1.27%


M1 Money Supply

$19.40T  πŸ“ˆ

+$134B

+0.69%


M2 Money Supply

$20.53T  πŸ“ˆ

+$146B

+0.71%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+330%

-10%

+32%

2 year:

+360%

+17%

+47%

3 year:

+650%

+45%

+52%

4 year:

+1,079%

+34%

+76%

5 year:

+7,679%

+33%

+106%

6 year:

+20,410%

+54%

+125%

7 year:

+11,600%

+44%

+120%

8 year:

+37,449%

+28%

+157%

9 year:

+377,890%

-1%

+202%

10 year:

+803,441%

-3%

+266%

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

76

1.64%

$47,409

106

2.28%

$40,000

152

3.28%

$30,000

257

5.54%

$20,000

275

5.93%

$10,000

580

12.50%

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.