Bitcoin Marketcap

$919B

Gold Marketcap

$10.55T

BTC Settlement Volume (24hr)

$13.48B

BTC Inflation Rate (next 1yr)

1.80%

logo CASEBITCOIN making the case for bitcoin every day

KEY MARKETS

24hr change

Bitcoin

$49,198  πŸ“ˆ

+$337.56

+0.69%


S&P 500

3,876  πŸ“‰

-22.08

-0.57%


Gold

$1,736  πŸ“ˆ

+$20.96

+1.22%


Silver

$26.68  πŸ“ˆ

+$0.56

+2.13%


Euro

$1.2090  πŸ“ˆ

+$0.01

+0.56%


Yen

Β₯106.86  πŸ“ˆ

+Β₯0.08

+0.08%


Renminbi (CNY)

Β₯6.4643   

-Β₯0.01

-0.09%


Oil (WTI)

$59.91  πŸ“ˆ

+$0.07

+0.12%


BITCOIN STATS

Bitcoin Marketcap

$919B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

88.77%


BTC Settlement Volume (24hr)

$13.48B


Real Exchange Volume (24hr)

$7.57B


Active Addresses

1.07M


Mining Reward Value (24hr)

$45.0M


GBTC Premium

-2.06%


MSTR Premium

42.34%


BTC Down From ATH

15.14%


BTC Up From Cycle Low

14.30%


RATES & YIELDS

24hr change

UST 3mo

0.05%  πŸ“ˆ

+0.01

+25.00%


UST 2yr

0.14%  πŸ“‰

-0.03

-17.65%


UST 10yr

1.44%  πŸ“‰

-0.1

-6.49%


UST 30yr

2.17%  πŸ“‰

-0.16

-6.87%


Fed Funds (EFFR)

0.07%  πŸ“ˆ

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

11.50x   

+0.06

+0.51%


M2:BTC (marketcap)

21.17x   

-0.15

-0.7%


BTC:Oil (price)

822.37x   

+6.08

+0.74%


Gold:Oil (price)

28.96x   

+0.31

+1.07%


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:

+462%

+6%

+26%

2 year:

+1,205%

+34%

+39%

3 year:

+328%

+31%

+44%

4 year:

+3,797%

+42%

+63%

5 year:

+12,102%

+37%

+94%

6 year:

+18,014%

+47%

+86%

7 year:

+7,258%

+29%

+107%

8 year:

+128,322%

+10%

+153%

9 year:

+1,004,857%

+2%

+186%

10 year:

+5,535,860%

+21%

+194%

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%

$49,200

9

0.20%

$40,000

25

0.56%

$30,000

60

1.35%

$20,000

77

1.73%

$10,000

382

8.60%

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

15 Dec 2020 | Ross Stevens | Price when published: $19,362 (ROI since: +154%)

Stone Ridge 2020 Shareholder Letter

Filed under: topic icon fundamentals  medium icon reports

This letter articulates Stone Ridge's bitcoin thesis through 1st-principles arguments; a tour of money, monetary history, and our present moment in the US. It describes the firm's founder's "aha moments" pertaining to bitcoin, and how the firm is approaching the investment.

Sometimes shareholder letters are great reads, and this is one of those times.

EXCERPT

Acknowledging, with profound humility, that we are only one firm, a major goal of our Bitcoin-focused affiliate is to help America avoid missing the Bitcoin turn.
...
I study Bitcoin standing on the shoulders of giants, pioneers who have come before me and blazed the trail. There have been dozens of moments in my past eight years of morning study when I had to put the book down, or pause the podcast, sitting in stunned silence for a while, after reading or hearing something that I knew immediately would change my worldview forever.
...
Bitcoin may also represent the biggest catalyst the world has ever known for developing abundant, clean, cheap energy. And, therefore, one of biggest catalysts in the world for human flourishing.
...
In a world replete with monetary unfairness, injustice, the institutionalization of moral hazard, and the State’s increasing domestication of our individuality, Bitcoin’s incorruptible fairness, justice, truth, and beauty represent a beacon for all optimists who seek personal sovereignty, personal improvement, and peace


Read in Full

What do you think of this piece?


MORE FROM FUNDAMENTALS

MORE REPORTS