Bitcoin Marketcap

$656B

Gold Marketcap

$10.71T

BTC Settlement Volume (24hr)

$5.66B

BTC Inflation Rate (next 1yr)

1.79%

logo CASEBITCOIN making the case for bitcoin every day

KEY MARKETS

24hr change

Bitcoin

$34,985  📉

-$598.26

-1.68%


S&P 500

4,143  📉

-84.63

-2%


Gold

$1,763  📉

-$0.12

-0.01%


Silver

$25.80  📈

+$0.01

+0.02%


Euro

$1.1864  📈

+$0

0%


Yen

¥110.22  📈

+¥0

0%


Renminbi (CNY)

¥6.4531   

+¥0

0%


Oil (WTI)

$71.33  📈

+$0

0%


BITCOIN STATS

Bitcoin Marketcap

$656B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.23%


BTC Settlement Volume (24hr)

$5.66B


Real Exchange Volume (24hr)

$5.39B


Active Addresses

688,095


Mining Reward Value (24hr)

$32.3M


GBTC Premium

-12.72%


MSTR Premium

58.62%


BTC Down From ATH

45.46%


BTC Up From Cycle Low

2.95%


RATES & YIELDS

24hr change

UST 3mo

0.04%  📈

+0.01

+33.33%


UST 2yr

0.21%  📈

+0.05

+31.25%


UST 10yr

1.57%  📈

+0.06

+3.97%


UST 30yr

2.20%  📈

+0

0%


Fed Funds (EFFR)

0.10%  📈

+0.04

+66.67%


US 10yr Breakeven Inflation

2.24%  📉

-0.03

-1.32%


Real Rate (10yr)

-0.67%  📉

+0.03

+-4.29%


RATIOS

24hr change

Gold:BTC (marketcap)

16.35x   

+0.27

+1.70%


M2:BTC (marketcap)

30.65x   

+0.57

+1.89%


BTC:Oil (price)

490.76x   

-9.03

-1.81%


Gold:Oil (price)

24.71x   

-0

-0.01%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.06T  📈

+$141B

+1.78%


M1 Money Supply

$18.94T  📈

+$252B

+1.35%


M2 Money Supply

$20.11T  📈

+$212B

+1.07%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+279%

-0.10%

+33%

2 year:

+258%

+26%

+40%

3 year:

+423%

+39%

+50%

4 year:

+1,214%

+42%

+70%

5 year:

+5,480%

+37%

+98%

6 year:

+14,295%

+49%

+96%

7 year:

+5,806%

+34%

+111%

8 year:

+34,816%

+37%

+162%

9 year:

+542,689%

+13%

+213%

10 year:

+208,136%

+17%

+225%

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

$40,000

105

2.31%

$35,006

148

3.25%

$30,000

169

3.71%

$20,000

186

4.09%

$10,000

491

10.79%

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

El Salvador's (& Others?) Plans for Bitcoin


 

At the Bitcoin 2021 conference in Miami on Saturday, the President of El Salvador, Nayib Bukele, announced (via video) that he will introduce legislation making bitcoin legal tender in the country. The legislation is likely to pass, given Bukele's effective control of the legislature (and public popularity: ~90%), which would make El Salvador the first sovereign nation to consider bitcoin legal tender.

story image



Legal Tender


El Salvador currently uses the US dollar as legal tender. It will continue to do so, but under the proposed legislation, El Salvador would also treat bitcoin as legal tender, giving bitcoin specific advantages in the country currently enjoyed by USD, such as default-acceptability for repayment of debts, and no capital gains taxation involving use of BTC, plus potentially a host of broader fx-related knock on effects.

story image



Impact & Rationale


There is debate over how meaningful this will be in practice, and concern generally over the potential for Bukele to exert authoritarian control in El Salvador, but it seems undeniable that this is a major milestone in monetary history. In a CNN interview yesterday, President of Eurasia Group Ian Bremmer noted that embracing bitcoin is "a potentail path to de-dollarization, and there are a lot of other countries around the world I think that are gonna watch this experiment very closely."

story image


Bremmer went on to note that a move like this for El Salvador, and potentially other countries, can be a way for those countries to avoid having to institute capital controls, which would inevitably harm their middle class. He noted: "You could imagine them moving away from their existing currencies towards bitcoin. I think it's possible."


That line of thinking dovetails with a few sentences which apparently appear in the proposed legislation:

"Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador. In order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with a supply that cannot be controlled by any central bank and is only altered in accord with objective and calculable criteria"

Bukele also outlined some motivation on twitter, reflecting El Salvador's large reliance on remittances and large unbanked population:

story image



Contagion?


In the days immediately following Bukele's announcement, politicians from Paraguay, Argentina, and Brazil all expressed support for bitcoin via twitter, by changing their profile pictures to "laser eyes", a meme in the bitcoin community. While far from the steps Bukele has taken, the acknowledgement from 3 other South American politicans, however subtle, shows how the idea of bitcoin as a tool for governments can spread. Latin America in particular has suffered over the years from various currency crises; it perhaps should come as no surprise that many countries in the region show some forward thinking and early appreciation for a digital currency with credible supply dynamics that isn't controllable by any nation.

tldr

  • This is a major milestone both for Bitcoin, and potentially global monetary dynamics overall
  • Direct practical impact remains to be seen, but this is an idea that can spread

Are we missing a recent story that makes the case for bitcoin?

Tell us about it!


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

MOST RECENTLY ADDED

We're adding to the library constantly. These are the newest additions.

MOST HELPFUL

Some pieces really crystalize the case for bitcoin. These are the highest rated from the CaseBitcoin community. 👍

MOST BULLISH

Rated by the CaseBitcoin community as most likely to make you feel bullish. 🚀