Bitcoin Marketcap

$897B

Gold Marketcap

$10.33T

BTC Settlement Volume (24hr)

$14.94B

BTC Inflation Rate (next 1yr)

1.80%

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KEY MARKETS

24hr change

Bitcoin

$48,124  ๐Ÿ“ˆ

+$694.61

+1.46%


S&P 500

3,852  ๐Ÿ“ˆ

+79.12

+2.10%


Gold

$1,699  ๐Ÿ“ˆ

+$2.87

+0.17%


Silver

$25.24  ๐Ÿ“‰

-$0.01

-0.02%


Euro

$1.1916  ๐Ÿ“‰

-$0

-0.15%


Yen

ยฅ108.41  ๐Ÿ“‰

-ยฅ0.12

-0.11%


Renminbi (CNY)

ยฅ6.4968   

+ยฅ0.01

+0.16%


Oil (WTI)

$66.23  ๐Ÿ“ˆ

+$0.98

+1.50%


BITCOIN STATS

Bitcoin Marketcap

$897B


BTC Inflation Rate (next 1yr)

1.80%


% Supply Issued

88.79%


BTC Settlement Volume (24hr)

$14.94B


Real Exchange Volume (24hr)

$7.67B


Active Addresses

1.15M


Mining Reward Value (24hr)

$44.1M


GBTC Premium

-5.99%


MSTR Premium

15.25%


BTC Down From ATH

17.30%


BTC Up From Cycle Low

11.42%


RATES & YIELDS

24hr change

UST 3mo

0.04%  ๐Ÿ“‰

-0.01

-20%


UST 2yr

0.14%  ๐Ÿ“ˆ

+0.01

+7.69%


UST 10yr

1.47%  ๐Ÿ“ˆ

+0.05

+3.52%


UST 30yr

2.25%  ๐Ÿ“ˆ

+0.04

+1.81%


Fed Funds (EFFR)

0.07%  ๐Ÿ“ˆ

+0

0%


RATIOS

24hr change

Gold:BTC (marketcap)

11.52x   

-0.14

-1.21%


M2:BTC (marketcap)

21.65x   

-0.29

-1.31%


BTC:Oil (price)

726.12x   

-0.75

-0.1%


Gold:Oil (price)

25.66x   

-0.34

-1.31%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$7.56T  ๐Ÿ“ˆ

+$147B

+1.98%


M1 Money Supply

$6.81T  ๐Ÿ“ˆ

+$13.80B

+0.20%


M2 Money Supply

$19.41T  ๐Ÿ“‰

 

-0.68%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+433%

+2%

+37%

2 year:

+1,153%

+32%

+41%

3 year:

+368%

+27%

+41%

4 year:

+3,942%

+40%

+63%

5 year:

+11,536%

+35%

+93%

6 year:

+17,384%

+46%

+86%

7 year:

+7,558%

+27%

+105%

8 year:

+113,094%

+8%

+149%

9 year:

+976,960%

--0%

+181%

10 year:

+5,348,846%

+19%

+195%

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

7

0.16%

$48,124

15

0.34%

$40,000

28

0.63%

$30,000

63

1.42%

$20,000

80

1.80%

$10,000

385

8.66%

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

WHY BITCOIN, WHY NOW?

Bitcoin is a scarce digital asset with an unchangeable monetary policy. Its rate of inflation is currently under 2% and decreasing, ultimately to zero. Only 21million BTC will ever exist, with ~18.6million in existence today. It is fundamentally independent of the fiat money system, yet is a liquid, globally tradeable asset. BTC is convertible to over 150 national currencies 24/7, and can be self-stored or custodied with 3rd parties, including with qualified custodians. Bitcoin can be traded on venues ranging from peer-to-peer services, to large regulated US institutional brokerages and exchanges.

Bitcoin vs Select Indexes & Assets

Bitcoin's ROI performance, as well as risk-adjusted return, has outperformed most benchmarks over most time-frames.

 

Marketcap

Price

Volume
24hr

Inflation
Next 1yr

Inflation
Next 10yrs

ROI
1yr

CAGR
10yr

Volatility
1yr

Sharpe
1yr

Sharpe
5yr


Bitcoin

$898B

$48,114

$7.67B

1.80%

10.34%

433.24%

197.05%

0.56

3.28

2.03


Gold

$10.33T

$1,699

~$4.54B

1.52%

15.18%

1.69%

1.74%

0.14

0.16

0.47


S&P 500

~$32.46T

$3,852

--

--

--

37.31%

11.43%

0.24

0.99

0.92


NASDAQ

~$17.93T

$12,904

--

--

--

62.23%

16.89%

0.28

1.47

1.21


USTs (TLT)

--

$138.84

--

--

--

-20.75%

4.26%

0.18

-0.58

0.10


https://casebitcoin.com

BITCOIN & MACRO NEWS

MicroStrategy Buys 205 More BTC, In 4th Ongoing Treasury Purchase

MicroStrategy CEO Michael Saylor tweeted this morning that the company has purchased an additional 205 BTC at an average price of $48,888/BTC.


This marks the 4th incremental BTC purchase that MicroStrategy has made, presumably with free-cash-flow generated by their underlying business.


story image

tldr

  • In total, MicroStrategy has now completed 2 large initial treasury conversions to BTC, 2 large debt offerings where the proceeds were used to buy BTC, and 4 incremental purchases of BTC as part of MicroStrategy's baseline treasury reserve policy.
  • The large purchases made the biggest headlines, but these incremental purchases underscore MicroStrategy's commitment to BTC as a prudent treasury-reserve strategy.

LEARN ABOUT 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. Itโ€™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 whatโ€™s like it

- Bill Miller - Former Chainman & CIO, Legg Mason Capital

Bitcoin is money, everything else is credit.

- JP Morgan - 1912

Common Critique #6
Bitcoin Can Be Cloned

Critique:  Bitcoin is one of many thousands of crypto assets, and anyone can create more whenever they want. Bitcoin therefore is not scarce and can't be valuable.

Rebuttal:  Crypto currencies are not scarce, but bitcoins on the bitcoin network are. Anyone can indeed clone the open-source bitcoin codebase at any time, and launch their own coin, but they... more

WHAT MONEY MANAGERS ARE SAYING

anthony-scaramucci

Anthony Scaramucci
Founder - SkyBridge Capital

โ€œSkyBridge filed with the SEC to form a subsidiary named "SkyBridge Bitcoin Fund L.P."...โ€ more

inigo-fraser-jenkins

Inigo Fraser Jenkins
Co-Head, Portfolio Strategy at AllianceBernstein

โ€œ...post-pandemic changes to the policy environment, debt levels and diversification options for investors mean the asset manger now has 'to admit [bitcoin] does' have a role in asset allocation, at least over the long term....โ€ more

BITCOIN LIBRARY

THE INVESTMENT CASE FOR BITCOIN

All you need to read to understand the investment case for bitcoin.

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