Bitcoin Marketcap

$832B

Gold Marketcap

$11.36T

BTC Settlement Volume (24hr)

$11.23B

BTC Inflation Rate (next 1yr)

1.80%

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KEY MARKETS

24hr change

Bitcoin

$44,425  📉

 

-3.8%


S&P 500

4,164  📉

-12.12

-0.29%


Gold

$1,868  📈

+$24.31

+1.32%


Silver

$28.24  📈

+$0.87

+3.19%


Euro

$1.2155  📈

+$0.00

+0.05%


Yen

¥109.20  📉

-¥0.18

-0.17%


Renminbi (CNY)

¥6.4392   

+¥0.00

+0.03%


Oil (WTI)

$66.28  📈

+$0.89

+1.36%


BITCOIN STATS

Bitcoin Marketcap

$832B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

89.10%


BTC Settlement Volume (24hr)

$11.23B


Real Exchange Volume (24hr)

$23.26B


Active Addresses

971,649


Mining Reward Value (24hr)

$40.6M


GBTC Premium

-14.47%


MSTR Premium

-0.60%


BTC Down From ATH

31.14%


BTC Up From Cycle Low

4.29%


RATES & YIELDS

24hr change

UST 3mo

0.01%  📉

-0.01

-50%


UST 2yr

0.16%  📈

+0

0%


UST 10yr

1.66%  📉

-0.03

-1.78%


UST 30yr

2.39%  📉

-0.01

-0.42%


Fed Funds (EFFR)

0.06%  📈

+0

0%


US 10yr Breakeven Inflation

2.51%  📈

+0

0%


Real Rate (10yr)

-0.85%  📈

-0.03

-3.66%


RATIOS

24hr change

Gold:BTC (marketcap)

13.66x   

+0.67

+5.12%


M2:BTC (marketcap)

23.94x   

+0.89

+3.88%


BTC:Oil (price)

670.66x   

-35.07

-4.97%


Gold:Oil (price)

28.16x   

+0.00

+0.02%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.83T  📈

+$37.56B

+0.48%


M1 Money Supply

$18.68T  📈

+$271B

+1.47%


M2 Money Supply

$19.90T  📈

+$481B

+2.48%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+346%

+7%

+42%

2 year:

+436%

+46%

+47%

3 year:

+418%

+45%

+53%

4 year:

+2,162%

+49%

+74%

5 year:

+9,794%

+49%

+103%

6 year:

+18,399%

+55%

+96%

7 year:

+8,733%

+45%

+121%

8 year:

+36,978%

+35%

+150%

9 year:

+851,127%

+17%

+220%

10 year:

+728,249%

+24%

+214%

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

73

1.62%

$44,451

98

2.17%

$40,000

101

2.24%

$30,000

136

3.01%

$20,000

153

3.39%

$10,000

458

10.14%

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

Goldman Sachs Criticizes Bitcoin


 

Goldman Sachs released a report today discussing broad macro topics, as well as gold and bitcoin. Suffices to say, they are not fans of either gold or bitcoin, summarizing their thoughts on bitcoin with this slide:

story image

tldr

These critiques are nothing new. CaseBitcoin addresses all of them on our critiques page. Brief rebuttals include:

  • Bitcoin is 65x undervalued relative to gold
  • The developed world is experimenting with unprecedented monetary stimulus and MMT politics; this time may, in fact, be different
  • Gold went to all-time-highs in the money-printing aftermath of the Financial Crisis; bitcoin is starting from a 65x smaller base
  • Bitcoin is uncensorable in addition to fixed-supply; the only digital asset that can't be taken from its owner

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

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