Bitcoin Marketcap

$841B

Gold Marketcap

$11.38T

BTC Settlement Volume (24hr)

$11.23B

BTC Inflation Rate (next 1yr)

1.80%

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KEY MARKETS

24hr change

Bitcoin

$44,876  πŸ“‰

-$319.12

-0.71%


S&P 500

4,164  πŸ“‰

-12.12

-0.29%


Gold

$1,871  πŸ“ˆ

+$20.94

+1.13%


Silver

$28.49  πŸ“ˆ

+$0.91

+3.31%


Euro

$1.2158  πŸ“ˆ

+$0.00

+0.19%


Yen

Β₯109.22  πŸ“‰

-Β₯0.14

-0.13%


Renminbi (CNY)

Β₯6.4392   

+Β₯0.00

+0.03%


Oil (WTI)

$66.40  πŸ“ˆ

+$0.88

+1.34%


BITCOIN STATS

Bitcoin Marketcap

$841B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

89.10%


BTC Settlement Volume (24hr)

$11.23B


Real Exchange Volume (24hr)

$24.06B


Active Addresses

971,649


Mining Reward Value (24hr)

$41.3M


GBTC Premium

-14.47%


MSTR Premium

-0.60%


BTC Down From ATH

30.62%


BTC Up From Cycle Low

5.35%


RATES & YIELDS

24hr change

UST 3mo

0.01%  πŸ“‰

-0.01

-50%


UST 2yr

0.16%  πŸ“ˆ

+0

0%


UST 10yr

1.66%  πŸ“‰

-0.03

-1.78%


UST 30yr

2.39%  πŸ“‰

-0.01

-0.42%


Fed Funds (EFFR)

0.06%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.51%  πŸ“ˆ

+0

0%


Real Rate (10yr)

-0.85%  πŸ“ˆ

-0.03

-3.66%


RATIOS

24hr change

Gold:BTC (marketcap)

13.54x   

+0.19

+1.42%


M2:BTC (marketcap)

23.68x   

+0.06

+0.24%


BTC:Oil (price)

676.28x   

-11.06

-1.61%


Gold:Oil (price)

28.18x   

-0.05

-0.19%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.83T  πŸ“ˆ

+$37.56B

+0.48%


M1 Money Supply

$18.68T  πŸ“ˆ

+$271B

+1.47%


M2 Money Supply

$19.90T  πŸ“ˆ

+$481B

+2.48%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+364%

+8%

+42%

2 year:

+483%

+46%

+47%

3 year:

+447%

+45%

+53%

4 year:

+2,170%

+50%

+74%

5 year:

+10,044%

+49%

+103%

6 year:

+19,264%

+55%

+96%

7 year:

+9,512%

+45%

+121%

8 year:

+38,394%

+35%

+150%

9 year:

+883,642%

+18%

+220%

10 year:

+754,794%

+24%

+214%

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

73

1.62%

$44,905

97

2.15%

$40,000

101

2.24%

$30,000

136

3.01%

$20,000

153

3.39%

$10,000

458

10.14%

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 #3: Bitcoin is Too Volatile

<< back to all critiques

critique:  Bitcoin is too volatile to be a useful currency or store-of-value.

rebuttal:  It's true that bitcoin historically has very high trading volatility. This is not a surprise for an asset whose market cap has grown to hundreds of billions of dollars, from 0 a decade ago. Furthermore, bitcoin's volatility *is* decreasing as it matures.

At this intermediate stage, where bitcoin's market cap is significant but still one or more orders of magnitude below where one might expect a mature global store of value to be, thinking of bitcoin as an emerging store of value is helpful. Ultimately, it's possible that once bitcoin achieves more maturity and a higher market cap, it can become a directly useful unit of account and medium of exchange as well.