Bitcoin Marketcap

$887B

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

$47,076  πŸ“‰

-$723.87

-1.51%


S&P 500

4,410  πŸ“‰

-64.6

-1.44%


Gold

$1,753  πŸ“‰

-$0.4

-0.02%


Silver

$22.38  πŸ“‰

-$0.53

-2.31%


Euro

$1.1725  πŸ“‰

-$0

-0.34%


Yen

Β₯109.93  πŸ“ˆ

+Β₯0.19

+0.17%


Renminbi (CNY)

Β₯6.4662   

+Β₯0.01

+0.13%


Oil (WTI)

$71.97  πŸ“‰

-$0.6

-0.83%


BITCOIN STATS

Bitcoin Marketcap

$887B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.61%


BTC Settlement Volume (24hr)

$16.43B


Real Exchange Volume (24hr)

$4.01B


Active Addresses

1.02M


Mining Reward Value (24hr)

$43.2M


GBTC Premium

-17.49%


MSTR Premium

17.27%


BTC Down From ATH

27.18%


BTC Up From Cycle Low

61.28%


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)

12.02x   

+0.17

+1.44%


M2:BTC (marketcap)

23.18x   

+0.35

+1.53%


BTC:Oil (price)

655.01x   

-3.63

-0.55%


Gold:Oil (price)

24.37x   

+0.20

+0.85%


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:

+332%

-10%

+32%

2 year:

+362%

+17%

+47%

3 year:

+652%

+46%

+52%

4 year:

+1,082%

+34%

+76%

5 year:

+7,711%

+33%

+106%

6 year:

+20,465%

+54%

+125%

7 year:

+11,632%

+44%

+120%

8 year:

+37,550%

+28%

+157%

9 year:

+378,906%

-1%

+202%

10 year:

+806,667%

-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%

$47,076

111

2.39%

$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

THE BITCOIN LIBRARY

1 Oct 1996 | Narayana Kocherlakota | Price when published: (n/a)

Money is Memory

Filed under: topic icon fundamentals  medium icon articles

This paper argues that the benefits of money to a society are achieved through its function as memory; ie, money's ability to keep track of transactions between economic agents. This paper was written 12 years before the Bitcoin whitepaper was released, but it essentially argues that a perfect ledger of transactions - a perfect memory - could function as an ideal form of money in practice.

Bitcoin uniquely achieves this recordkeeping ability, serving as the only completely trustworthy, transparent ledger of transactions accessible to anyone. Kocherlakota, 12th President of the Minneapolis Federal Reserve, predicted bitcoin's ability to be ideal money a decade before its genesis.

EXCERPT

Others have noted that, as emphasized in this paper, fiat money helps to keep track of past actions. In early work along these lines, Ostroy (1973) discusses the recordkeeping role of money in a model in which static competitive allocations are implemented using decentralized pairwise exchange. Lucas (1980) uses a back-of-the-envelope calculation to argue that money is a much cheaper means of keeping track of past reallocations of resources than other means of recordkeeping. In a random matching model Aiyagari and Wallace (1991) show how money becomes redundant when agents have access to a historical record of all actions take in past matches.

The contribution of this paper over this past work is to emphasize both the singularity and the generality of money's recordkeeping role. I show that the technological benefits of money are completely subsumed by the technological benefits of just one type of technological innovation: memory.


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