Bitcoin Marketcap

$1.83T

Gold Marketcap

$16.23T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.17%

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KEY MARKETS

24hr change

Bitcoin

$96,931  📈

+$3,653

+3.92%


S&P 500

5,911  📈

+1.30

+0.02%


Gold

$2,669  📈

+$41.78

+1.59%


Silver

$31.24  📈

+$0.28

+0.91%


Euro

$1.0537  📉

-$0

-0.3%


Yen

¥154.85  📉

-¥0.87

-0.56%


Renminbi (CNY)

¥7.2403   

-¥0

-0.03%


Oil (WTI)

$69.37  📉

-$0.08

-0.12%


BITCOIN STATS

Bitcoin Marketcap

$1.83T


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)

$88.6M


GBTC Premium

200.86%


MSTR Premium

-80.49%


BTC Down From ATH

-0.31%


BTC Up From Cycle Low

2.41%


RATES & YIELDS

24hr change

UST 3mo

4.62%  📉

-0.01

-0.22%


UST 2yr

4.29%  📉

-0.02

-0.46%


UST 10yr

4.42%  📉

-0.01

-0.23%


UST 30yr

4.61%  📈

+0.01

+0.22%


Fed Funds (EFFR)

4.58%  📈

+0

0%


US 10yr Breakeven Inflation

2.35%  📈

+0.01

+0.43%


Real Rate (10yr)

2.08%  📉

-0.01

-0.48%


RATIOS

24hr change

Gold:BTC (marketcap)

8.85x   

-0.2

-2.24%


M2:BTC (marketcap)

11.58x   

-0.46

-3.79%


BTC:Oil (price)

1,397x   

+54.21

+4.04%


Gold:Oil (price)

38.47x   

+0.65

+1.71%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$6.97T  📉

 

-1.03%


M1 Money Supply

$18.15T  📈

+$33.90B

+0.19%


M2 Money Supply

$21.22T  📈

+$46.30B

+0.22%


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%

+52%

+47%

3 year:

+69%

+48%

+26%

4 year:

+428%

+42%

+65%

5 year:

+1,263%

+82%

+89%

6 year:

+2,304%

+117%

+124%

7 year:

+1,096%

+106%

+127%

8 year:

+12,932%

+126%

+167%

9 year:

+29,808%

+148%

+183%

10 year:

+26,023%

+122%

+186%

11 year:

+11,852%

+114%

+228%

12 year:

+782,661%

+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

$96,930

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

JPMorgan Suggests MassMutual's BTC Investment Could Trigger Much More Inflow


 

According to Bloomberg, JPMorgan suggested in a note on Friday that MassMutual's $100mm investment in BTC for their general account significantly derisks BTC holdings in the eyes of other typically-conservative institutional money managers:

"MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors," the strategists said. "One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example."

If pension funds and insurance companies in the U.S., euro area, U.K. and Japan allocate 1% of assets to Bitcoin, that would result in additional Bitcoin demand of $600 billion, the strategists said.

tldr

  • JPMorgan has come out with several very positive comments on Bitcoin recently, cataloged on our money manager views page
  • An additional $600B in inflows to BTC could push market cap up by many multiples, given BTC's current market cap of about $350B and the fact that $1 of inflow generally yields >$1 of marketcap increase

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

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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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