Bitcoin Marketcap

$1.15T

Gold Marketcap

$10.73T

BTC Settlement Volume (24hr)

$9.89B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$61,230  📈

+$625.70

+1.03%


S&P 500

4,477  📈

+11.02

+0.25%


Gold

$1,765  📉

-$1.08

-0.06%


Silver

$23.21  📉

-$0.09

-0.4%


Euro

$1.1612  📈

+$0.00

+0.11%


Yen

¥114.21  📉

-¥0.06

-0.05%


Renminbi (CNY)

¥6.4296   

-¥0.01

-0.1%


Oil (WTI)

$82.21  📉

-$0.05

-0.06%


BITCOIN STATS

Bitcoin Marketcap

$1.15T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.75%


BTC Settlement Volume (24hr)

$9.89B


Real Exchange Volume (24hr)

$12.54B


Active Addresses

937,355


Mining Reward Value (24hr)

$56.2M


GBTC Premium

3.11%


MSTR Premium

13.44%


BTC Down From ATH

5.10%


BTC Up From Cycle Low

108.74%


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)

9.30x   

-0.1

-1.04%


M2:BTC (marketcap)

18.07x   

-0.12

-0.65%


BTC:Oil (price)

744.80x   

+7.69

+1.04%


Gold:Oil (price)

21.47x   

-0

-0%


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:

+680%

+18%

+50%

3 year:

+870%

+44%

+62%

4 year:

+1,001%

+37%

+75%

5 year:

+9,664%

+39%

+109%

6 year:

+23,065%

+50%

+121%

7 year:

+16,004%

+41%

+136%

8 year:

+37,196%

+34%

+157%

9 year:

+530,006%

+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

$61,101

7

0.15%

$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

Goldman Sachs to Offer Bitcoin Services to Clients


 

CNBC is reporting that Goldman Sachs is "close" to offering bitcoin and other digital asset services to its wealth management clients. Mary Rich - recently named global head of digital assets for the bank's private wealth management group, suggested that Goldman plans to offer investment options for Bitcoin and digital assets sometime in Q2 2021.
Rich elaborated:

We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term. There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that... There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space. We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be. But I think it’s fairly safe to expect it will be part of our future

tldr

  • This follows recent news that Morgan Stanley will be providing BTC fund access for its wealthy clients
  • Ms Rich specifically notes bitcoin's value as an inflation hedge, as well as a growth opportunity alongside the new digital economy
  • Last May, Goldman criticized Bitcoin, hitting on many common critiques, and saying "Cryptocurrencies Including Bitcoin Are Not an Asset Class"
  • This move perhaps suggests that client demand is quite strong, given Goldman's prior disposition toward the asset class.

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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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