Bitcoin Marketcap

$1.16T

Gold Marketcap

$10.74T

BTC Settlement Volume (24hr)

$9.89B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$61,363  📈

+$884.38

+1.46%


S&P 500

4,478  📈

+11.82

+0.26%


Gold

$1,766  📈

+$0.26

+0.01%


Silver

$23.20  📉

-$0.11

-0.47%


Euro

$1.1612  📈

+$0.00

+0.11%


Yen

¥114.21  📉

-¥0.06

-0.05%


Renminbi (CNY)

¥6.4296   

-¥0.01

-0.1%


Oil (WTI)

$82.20  📉

-$0.11

-0.13%


BITCOIN STATS

Bitcoin Marketcap

$1.16T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.75%


BTC Settlement Volume (24hr)

$9.89B


Real Exchange Volume (24hr)

$12.81B


Active Addresses

937,355


Mining Reward Value (24hr)

$56.2M


GBTC Premium

3.11%


MSTR Premium

13.31%


BTC Down From ATH

5.11%


BTC Up From Cycle Low

109.71%


RATES & YIELDS

24hr change

UST 3mo

0.05%  📈

+0

0%


UST 2yr

0.36%  📉

-0.01

-2.7%


UST 10yr

1.52%  📉

-0.04

-2.56%


UST 30yr

2.02%  📉

-0.03

-1.46%


Fed Funds (EFFR)

0.08%  📈

+0

0%


US 10yr Breakeven Inflation

2.56%  📈

+0.04

+1.59%


Real Rate (10yr)

-1.04%  📈

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

9.29x   

-0.14

-1.44%


M2:BTC (marketcap)

17.99x   

-0.25

-1.37%


BTC:Oil (price)

745.96x   

+10.41

+1.41%


Gold:Oil (price)

21.47x   

+0.01

+0.05%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.48T  📈

+$32.17B

+0.38%


M1 Money Supply

$19.68T  📈

+$276B

+1.42%


M2 Money Supply

$20.80T  📈

+$262B

+1.28%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+427%

-7%

+28%

2 year:

+670%

+18%

+50%

3 year:

+858%

+44%

+62%

4 year:

+987%

+37%

+75%

5 year:

+9,664%

+39%

+109%

6 year:

+22,782%

+50%

+121%

7 year:

+15,808%

+41%

+136%

8 year:

+36,741%

+34%

+157%

9 year:

+523,539%

+3%

+212%

10 year:

+2,136,466%

+8%

+265%

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

$70,000

0

0

$61,362

6

0.13%

$60,000

10

0.21%

$50,000

89

1.91%

$40,000

183

3.92%

$30,000

288

6.17%

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

Clean-Energy Only Bitcoin Mining Pool Launches


 

Argo Blockchain (listed on the London stock exchange under $ARB) today announced the formation of a bitcoin mining pool powered exclusively by clean energy.


From the press release:

Terra Pool represents the first ever opportunity for the creation of 'green bitcoin'. The initiative aims to expedite the shift from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. The mining pool will provide a platform for cryptocurrency miners to produce Bitcoin and other cryptocurrencies in a sustainable way. Peter Wall, Chief Executive of Argo Blockchain, said: "Addressing climate change is a priority for Argo and partnering with DMG to create the first 'green' Bitcoin mining pool is an important step towards protecting our planet now and for generations to come. We are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness."


Bitcoin has been under fire of late due to concerns over it energy use and climate impact. These concerns are mostly misplaced, due a variety of reasons. Argo Blockchain's creation of a clean-energy-only mining pool is a demonstration of the incentives at play; specifically that bitcoin mining is profitable on clean-energy, and the incentives for ever greater share of total mining to be powered by clean energy sources is only likely to increase in the future.


Jack Dorsey, CEO of Twitter and Square, even suggested recently that Bitcoin may be ~100% powered by clean energy in the future:

“We believe that cryptocurrency will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally... Published estimates indicate bitcoin already consumes a significant amount of clean energy, and we hope that Square’s investment initiative will accelerate this conversion to renewable energy.”


For more discussion of bitcoin's energy use, and references to further reading on the topic, see our Common Bitcoin Critique #4 page.

tldr

  • Bitcoin mining is profitable using renewables, and likely incentivizes further development of renewable resources due to bitcoin's unique property of being able to profitably consume energy far away from population centers.
  • Bitcoin mining currently uses 40% renewables or more, and that portion will likely grow substantially in the future.
  • Bitcoin's energy use is easy to calculate and therefore easy to highlight as a concern, but far more mundane things - such as clothes dryers - use far more energy than bitcoin does.
  • It is often asserted that bitcoin "wastes" energy, yet bitcoin's energy use is required for the network's assurances and there is substantial demand for those properties.
  • Gold mining is far worse for the environment than BTC mining, and not likely to improve dramatically anytime soon.

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THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

Bitcoin reminds me of gold when I first got into the business in 1976

- Paul Tudor Jones, Hedge Fund Manager

Frankly, if the gold bet works, the bitcoin bet will probably work better

- Stanley Druckenmiller - hedge fund manager

Bitcoin is a technological tour de force

- Bill Gates, Founder - Microsoft

[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.

- Jerome Powell, Federal Reserve Chairman

There are 3 eras of currency: commodity based, politically based, and now, math based.

- Chris Dixon - Tech Investor, A16Z

Bitcoin may be the TCP/IP of money.

- Paul Buchheit - Gmail Creator

If they become widely accepted, virtual currencies could have a substitution effect on central bank money.

- European Central Bank - 2012

Bitcoin is Gold 2.0, a huge, huge deal.

- Chamath Palihapitiya - Founder & CEO Social Capital

I think every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

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