Bitcoin Marketcap
$1.84T
Gold Marketcap
$16.23T
BTC Settlement Volume (24hr)
$12.90B
BTC Inflation Rate (next 1yr)
1.17%
CASEBITCOIN
making the case for bitcoin every day
SEARCHKEY MARKETS
24hr change
BITCOIN STATS
Bitcoin Marketcap
$1.84T
BTC Inflation Rate (next 1yr)
1.17%
% Supply Issued
90.03%
BTC Settlement Volume (24hr)
$12.90B
Real Exchange Volume (24hr)
$48.52B
Active Addresses
1.02M
Mining Reward Value (24hr)
$89.2M
GBTC Premium
200.86%
MSTR Premium
-80.49%
BTC Down From ATH
-0.99%
BTC Up From Cycle Low
3.11%
RATES & YIELDS
24hr change
RATIOS
24hr change
Gold:BTC (marketcap)
8.80x
-0.23
-2.59%
M2:BTC (marketcap)
11.52x
-0.51
-4.21%
BTC:Oil (price)
1,401x
+53.34
+3.96%
Gold:Oil (price)
38.34x
+0.49
+1.30%
US GOVERNMENT STATS
30-day change
BTC ROI
Bitcoin & Traditional Assets ROI (vs USD)
BTC vs Traditional Assets ROI:
Bitcoin
Gold
S&P 500
1 year:
+160%
+34%
+30%
2 year:
+507%
+53%
+47%
3 year:
+69%
+48%
+26%
4 year:
+428%
+43%
+65%
5 year:
+1,263%
+82%
+89%
6 year:
+2,304%
+118%
+124%
7 year:
+1,096%
+107%
+127%
8 year:
+12,932%
+126%
+167%
9 year:
+29,808%
+149%
+183%
10 year:
+26,023%
+122%
+186%
11 year:
+11,852%
+115%
+228%
12 year:
+782,654%
+54%
+322%
13 year:
+3.9 million%
+58%
+410%
14 year:
+34 million%
+94%
+396%
https://casebitcoin.com
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
$100,000
0
0
$97,489
0
0
$90,000
6
0.10%
$80,000
11
0.19%
$50,000
420
7.24%
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
Bridgewater Characterizes Bitcoin as 'option on a potential storehold of wealth'
Bridgewater Associates released a 14-page report [UPDATE: see it here] on Bitcoin as part of their daily newsletter (shared with CaseBitcoin), including comments from founder Ray Dalio. Dalio takes care to note his relative ignorance on bitcoin, but overall, his tone is one of appreciating bitcoin's fundamentals, yet remaining very cognizant of certain risks.
Mr. Dalio says "Bitcoin is one hell of an invention", and in further appreciation of bitcoin's core value proposition, he notes:
Because of what is going on in the world, besides there being a growing need for money or storehold of wealth assets that are limited in supply, there is also a growing need for assets that can be privately held.
But his overall tone is balanced. He highlights two specific risks which give him pause:
Although Bitcoin is limited in supply, digital currencies are not limited in supply because new ones have come along and will continue to come along to compete so the supply of Bitcoin like assets should, and competition will, play a role in determining Bitcoin and other cryptocurrency prices. [CaseBitcoin note: this is common bitcoin critique #6]
and:
When I a) put myself in the shoes of government officials, b) see their actions, and c) hear what they say, it is hard for me to imagine that they would allow Bitcoin (or gold) to be an obviously better choice than the money and credit that they are producing. [CaseBitcoin note: this is common bitcoin critique #2]
Dalio concludes his commentary by noting:
On the other hand, believe me when I tell you that I and my colleagues at Bridgewater are intently focusing on alternative storehold of wealth assets and expect Bridgewater to soon offer an alt-cash fund and a storehold of wealth fund in order to better deal with the devaluation of money and credit that we consider to be a major risk and opportunity, and Bitcoin won’t escape our scrutiny.
The letter goes on to provide an analysis of bitcoin's fundamental properties, benefits, risks, and market structure. Overall the piece provides a balanced assessment (though we would take issue with some of the commentary and analysis), and concludes by stating: 'Bitcoin, for now, feels more to us like an option on a potential storehold of wealth.'
tldr