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

$61,367  📈

+$629.22

+1.04%


S&P 500

4,478  📈

+11.62

+0.26%


Gold

$1,766  📈

-$0.07

-0%


Silver

$23.20  📉

-$0.1

-0.41%


Euro

$1.1612  📈

+$0.00

+0.11%


Yen

¥114.21  📉

-¥0.06

-0.05%


Renminbi (CNY)

¥6.4296   

-¥0.01

-0.1%


Oil (WTI)

$82.04  📉

-$0.22

-0.27%


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)

$12.54B


Active Addresses

937,355


Mining Reward Value (24hr)

$56.6M


GBTC Premium

3.11%


MSTR Premium

13.66%


BTC Down From ATH

4.75%


BTC Up From Cycle Low

109.61%


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)

9.28x   

-0.1

-1.03%


M2:BTC (marketcap)

18.00x   

-0.18

-0.99%


BTC:Oil (price)

747.30x   

+8.88

+1.20%


Gold:Oil (price)

21.55x   

+0.11

+0.51%


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

$61,367

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

Publicly Traded Company Puts $250,000,000 into Bitcoin


 

Publicly traded company business intelligence company MicroStrategy ($MSTR) disclosed today that they acquired 21,545 BTC (~$250m) as part of capital allocation strategy for their corporate treasury.


They cited the following key reasons for the allocation:

This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. ... MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”

“We find the global acceptance, brand recognition, ecosystem vitality, network dominance, architectural resilience, technical utility, and community ethos of Bitcoin to be persuasive evidence of its superiority as an asset class for those seeking a long-term store of value. Bitcoin is digital gold – harder, stronger, faster, and smarter than any money that has preceded it.

tldr

  • Companies seeing bitcoin as a macro-diversification hedge fit for prudent treasury allocation is a new, but we think inevitable, wave of bitcoin adoption.
  • Bitcoin is increasingly being understood as digital gold and an asymmetric investment play by wider audiences.

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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