Bitcoin Marketcap

$1.07T

Gold Marketcap

$10.78T

BTC Settlement Volume (24hr)

$30.61B

BTC Inflation Rate (next 1yr)

1.78%

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KEY MARKETS

24hr change

Bitcoin

$56,507  📈

+$457.80

+0.82%


S&P 500

4,571  📈

+45.97

+1.02%


Gold

$1,773  📉

-$5.15

-0.29%


Silver

$22.37  📉

-$0.04

-0.16%


Euro

$1.1296  📉

-$0

-0.31%


Yen

¥113.11  📈

+¥0.12

+0.11%


Renminbi (CNY)

¥6.3745   

+¥0.01

+0.08%


Oil (WTI)

$67.40  📈

+$1.26

+1.91%


BITCOIN STATS

Bitcoin Marketcap

$1.07T


BTC Inflation Rate (next 1yr)

1.78%


% Supply Issued

89.94%


BTC Settlement Volume (24hr)

$30.61B


Real Exchange Volume (24hr)

$5.39B


Active Addresses

1.06M


Mining Reward Value (24hr)

$51.5M


GBTC Premium

-18.50%


MSTR Premium

11.41%


BTC Down From ATH

18.02%


BTC Up From Cycle Low

92.59%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.52%  📈

+0.01

+1.96%


UST 10yr

1.43%  📉

-0.09

-5.92%


UST 30yr

1.78%  📉

-0.09

-4.81%


Fed Funds (EFFR)

0.08%  📈

+0.01

+14.29%


US 10yr Breakeven Inflation

2.47%  📈

+0.03

+1.23%


Real Rate (10yr)

-1.01%  📈

-0.03

-3.06%


RATIOS

24hr change

Gold:BTC (marketcap)

10.10x   

-0.11

-1.1%


M2:BTC (marketcap)

19.85x   

-0.17

-0.83%


BTC:Oil (price)

838.63x   

-8.52

-1.01%


Gold:Oil (price)

26.30x   

-0.58

-2.15%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.65T  📈

+$94.22B

+1.10%


M1 Money Supply

$20.08T  📈

+$221B

+1.11%


M2 Money Supply

$21.19T  📈

+$204B

+0.97%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+195%

-4%

+24%

2 year:

+676%

+19%

+47%

3 year:

+1,382%

+42%

+71%

4 year:

+383%

+39%

+73%

5 year:

+7,273%

+50%

+108%

6 year:

+14,893%

+65%

+121%

7 year:

+14,884%

+48%

+121%

8 year:

+5,086%

+44%

+156%

9 year:

+421,338%

+4%

+225%

10 year:

+1,898,899%

+2%

+263%

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

$60,000

40

0.85%

$56,507

89

1.89%

$50,000

135

2.86%

$40,000

229

4.86%

$30,000

334

7.08%

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

Treasury Attempts to Sneak Bitcoin & Crypto Surveillance into Infrastructure Bill


 

Ron Hammond, Director of Government Relations for the Blockchain Association, tweeted that the Treasury Department is "pulling out all the stops to kill the Wyden amendment". The amendment, introduced by Senators Wyden (D-OR), Lummis (R-WY), and Toomey (R-PA), fixes some of the stifling and impossible-to-comply-with language in President Biden's "must-pass" "infrastructure bill". The bill contains hastily-added language, in a misguided attempt to "pay for" a small portion of the bill's total cost by vastly expanding the definition of a cryptocurrency "broker". The new definition imposes excessive (& unworkable) surveillance requirements on many bitcoin and crypto companies and actors, including, potentially, entities such as miners and developers.


story image


The bitcoin and crypto communtities have rallied behind the Wyden/Lummis/Toomey amendment, which explicitly exempts various entities from the new "broker" language, including miners and developers. Grassroots calls to senators nationwide have revealed meaningful influence in Washington, and contributed to the vote on the key bill being delayed several times.


An alternative amendment, offered by Senators Warner (D-VA) and Portman (R-OH) attempts to clarify the language as well but leaves large gaps in exempted entities, most notably developers. Mr Hammond and others have noted that the Treasury department is behind both the original last-minute language added to the Infrastructure bill, as well as the Warner/Portman amendment which does not sufficiently fix the language. The all-too-probable speculation is that Treasury wants to include vague and wide-reaching language in order to preserve optionality in aggressively attacking the industry through internal regulatory rule-making processes once they have legislative cover to do so. After all, bitcoin and crypto offer an alternative form of money and a new and open way to build a financial system.


Make Your Voice Heard


Anyone who cares about bitcoin and the ability to participate in the bitcoin economy in the United States should tweet (any time) or call (during business hours) their senators, encouraging them to support the Wyden/Lummis/Toomey amendment. Phone numbers and sample talking points can be found at the fightforthefuture.org.

Keep Track of Your Senators


A website keeping track of which senators have come out either for or against the bitcoin and crypto economy can be found here: didtheyvoteagainst.me.

tldr

  • Treasury is trying to sneak language into Biden's infrastructure bill that would stifle bitcoin development in the United States
  • The proposed Wyden/Lummis/Toomey amendment would limit much of the potential damage
  • The bitcoin & crypto communitities have leveled up in terms of political impact; delaying a key bill several times already.
  • This trend is likely to continue, and politicians would be wise to take note. There are likely millions of bitcoiners who are single issue voters.
  • Ultimately bitcoin adoption is likely to continue to grow over the long-term regardless of what misguided regulation any individual jurisdiction may impose, but better legislative outcomes will lead to faster adoption; hence the community's loud support for the Wyden/Lummis/Toomey amendment.
  • Follow Jerry Brito, Jake Chervinsky, and Ron Hammond to stay on top of developments.

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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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