Bitcoin Marketcap
$781B
Gold Marketcap
$11.03T
BTC Settlement Volume (24hr)
$10.38B
BTC Inflation Rate (next 1yr)
1.79%
CASEBITCOIN
making the case for bitcoin every day
SEARCHKEY MARKETS
24hr change
BITCOIN STATS
Bitcoin Marketcap
$781B
BTC Inflation Rate (next 1yr)
1.79%
% Supply Issued
89.38%
BTC Settlement Volume (24hr)
$10.38B
Real Exchange Volume (24hr)
$8.04B
Active Addresses
841,162
Mining Reward Value (24hr)
$38.0M
GBTC Premium
-6.72%
MSTR Premium
39.08%
BTC Down From ATH
35.78%
BTC Up From Cycle Low
42.01%
RATES & YIELDS
24hr change
RATIOS
24hr change
Gold:BTC (marketcap)
14.14x
-0.72
-4.83%
M2:BTC (marketcap)
26.13x
-1.12
-4.12%
BTC:Oil (price)
564.81x
+18.49
+3.38%
Gold:Oil (price)
24.64x
-0.41
-1.65%
US GOVERNMENT STATS
30-day change
BTC ROI
Bitcoin & Traditional Assets ROI (vs USD)
BTC vs Traditional Assets ROI:
Bitcoin
Gold
S&P 500
1 year:
+270%
-8%
+34%
2 year:
+297%
+24%
+48%
3 year:
+443%
+48%
+56%
4 year:
+1,432%
+42%
+77%
5 year:
+6,663%
+34%
+102%
6 year:
+14,703%
+66%
+109%
7 year:
+6,985%
+41%
+127%
8 year:
+43,384%
+39%
+157%
9 year:
+385,131%
+14%
+219%
10 year:
+414,888%
+9%
+250%
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
73
1.59%
$41,576
101
2.20%
$40,000
108
2.35%
$30,000
209
4.55%
$20,000
227
4.94%
$10,000
532
11.59%
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
Marketcap
Price
Volume
24hr
Inflation
Next 1yr
Inflation
Next 10yrs
ROI
1yr
CAGR
10yr
Volatility
1yr
Sharpe
1yr
Sharpe
5yr
Bitcoin
$781B
$41,617
$8.04B
1.79%
10.34%
269.96%
130.04%
0.53
2.74
1.76
Gold
$11.03T
$1,815
~$4.54B
1.52%
15.18%
-8.38%
0.88%
0.11
-0.61
0.50
S&P 500
~$37.06T
$4,396
--
--
--
33.57%
13.34%
0.13
2.41
1.01
NASDAQ
~$20.38T
$14,668
--
--
--
34.87%
18.51%
0.18
2.01
1.26
USTs (TLT)
--
$149.48
--
--
--
-11.86%
3.93%
0.10
-1.25
0.06
https://casebitcoin.com
BITCOIN & MACRO NEWS
In a CNBC interview this morning, Paul Tudor Jones emphasized that he likes BTC due its certainty, stating:
I like bitcoin. Right? Bitcoin is math. And math has been around for thousands of years. And two plus two is gonna equal four and it will for the next 2000 years. So I like idea of investing in something that's reliable, consistent, honest, and 100% certain. So bitcoin has appeal to me because it's a way for me to invest in certainty.
He went on to contrast bitcoin's certainty with the Federal Reserve, and US politics:
I look at the difference between the Fed at 2013, the Fed at 2021. How can this...do I want to have to faith necessarily....I look at the difference between Trump and Biden...do I want to have faith in that same reliability of human nature?
Finally, Mr Jones suggested a 5% bitcoin position as one of the few holdings he has sufficient conviction in given uncertainty surrounding Fed policy:
I like bitcoin as a portfolio diversifier... The only thing that I know for certain is that I want to have 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities, at this point in time. I don't know what I want to do with the other 80%. I want to wait and see what the Fed's gonna do, because what they do will have a big impact.
Recent Headlines
LEARN ABOUT BITCOIN
Bitcoin reminds me of gold when I first got into the business in 1976
Frankly, if the gold bet works, the bitcoin bet will probably work better
Bitcoin is a technological tour de force
[people] use [bitcoin] more as an alternative to gold. It’s a speculative store of value.
There are 3 eras of currency: commodity based, politically based, and now, math based.
Bitcoin may be the TCP/IP of money.
If they become widely accepted, virtual currencies could have a substitution effect on central bank money.
Bitcoin is Gold 2.0, a huge, huge deal.
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
Bitcoin is money, everything else is credit.
Common Critique #2
The Government Will Shut Bitcoin Down
Critique: Governments won't simply allow a non-state money to keep growing. Control over money is too central to a government's survival for them to allow this.
Rebuttal: Bitcoin's decentralized nature makes it impossible for anyone, even governments, to fully kill it. Given that it will always exist, the dynamic becomes one of "jurisdictional arbitrage,"; i.e., if one... more
WHAT MONEY MANAGERS ARE SAYING
“The 50 per cent weight in physical gold bullion in the portfolio will be reduced for the first time in several years by five percentage points with the money invested in Bitcoin. If there is a big drawdown in bitcoin from the current level, after the historic breakout above the $20,000 level, the intention will be to add to this position....” more
“So [bitcoin] could serve as a diversifier to gold and other such storehold of wealth assets. The main thing is to have some of these type of assets (with limited supply, that are mobile, and that are storeholds of wealth)...” more
BITCOIN LIBRARY
THE INVESTMENT CASE FOR BITCOIN
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