Bitcoin Marketcap

$556B

Gold Marketcap

$11.26T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.77%

logo CASEBITCOIN making the case for bitcoin every day

KEY MARKETS

24hr change

Bitcoin

$29,412  📈

+$36.80

+0.13%


S&P 500

3,903  📉

-0.6

-0.02%


Gold

$1,852  📈

+$5.25

+0.28%


Silver

$21.74  📉

-$0.01

-0.05%


Euro

$1.0562  📈

+$0

0%


Yen

¥127.94  📈

+¥0

0%


Renminbi (CNY)

¥6.6930   

+¥0

0%


Oil (WTI)

$110.32  📉

-$0.05

-0.05%


BITCOIN STATS

Bitcoin Marketcap

$556B


BTC Inflation Rate (next 1yr)

1.77%


% Supply Issued

90.03%


BTC Settlement Volume (24hr)

$12.90B


Real Exchange Volume (24hr)

$1.09B


Active Addresses

1.02M


Mining Reward Value (24hr)

$26.9M


GBTC Premium

-32.99%


MSTR Premium

-29.78%


BTC Down From ATH

57.20%


BTC Up From Cycle Low

13.84%


RATES & YIELDS

24hr change

UST 3mo

1.05%  📈

+0.02

+1.94%


UST 2yr

2.68%  📉

-0.03

-1.11%


UST 10yr

2.88%  📉

-0.1

-3.36%


UST 30yr

3.06%  📉

-0.11

-3.47%


Fed Funds (EFFR)

0.83%  📈

+0

0%


US 10yr Breakeven Inflation

2.55%  📉

-0.04

-1.54%


Real Rate (10yr)

0.33%  📈

+0.04

+13.79%


RATIOS

24hr change

Gold:BTC (marketcap)

20.25x   

+0.04

+0.18%


M2:BTC (marketcap)

39.22x   

-0.03

-0.07%


BTC:Oil (price)

266.63x   

+0.27

+0.10%


Gold:Oil (price)

16.79x   

+0.04

+0.26%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.95T  📉

 

-0.22%


M1 Money Supply

$20.71T  📈

+$15.90B

+0.08%


M2 Money Supply

$21.81T  📉

 

-0.01%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

-19%

-2%

-7%

2 year:

+220%

+7%

+32%

3 year:

+280%

+44%

+38%

4 year:

+278%

+44%

+43%

5 year:

+1,246%

+47%

+62%

6 year:

+6,512%

+48%

+89%

7 year:

+12,195%

+54%

+85%

8 year:

+5,482%

+43%

+105%

9 year:

+23,150%

+34%

+137%

10 year:

+572,816%

+18%

+196%

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

$40,000

328

6.71%

$30,000

490

10.03%

$29,404

493

10.09%

$20,000

515

10.54%

$10,000

820

16.78%

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

$556B

$29,415

$1.09B

1.77%

10.34%

-18.77%

137.58%

0.50

-0.33

1.22


Gold

$11.26T

$1,852

~$4.54B

1.52%

15.18%

-1.72%

1.71%

0.08

-0.13

0.66


S&P 500

~$32.90T

$3,903

--

--

--

-7.06%

11.45%

0.15

-0.19

0.67


NASDAQ

~$15.81T

$11,376

--

--

--

-15.74%

14.89%

0.21

-0.56

0.70


USTs (TLT)

--

$118.52

--

--

--

-14.25%

-0.38%

0.14

-0.97

-0.06


https://casebitcoin.com

BITCOIN & MACRO NEWS

Mass Mutual in Bitcoin for the Long Term - CIO

In a blog post on bitcoin and the crypto-economy overall today, Mass Mutual's Chief Investment Officer Tim Corbett explained the 170 year old firm's approach to Bitcoin and digital assets, which can be summed up as "taking the long view".


Mr Corbett explained:

Bitcoin’s unique characteristics—including digital scarcity, known supply growth, transfer characteristics, and hard cap on the total number of tokens—open the possibility that it may serve as a kind of “digital gold,” with the potential for significant price appreciation.


He also pointed out bitcoin's volatility and risk profile, but noted: "In our position as a leading mutual life insurance company, we have the ability to take that long view."


Additionally, Mr Corbett announced that Mass Mutual is launching Flourish Crypto, which he described as "a cryptocurrency investing solution built for Registered Investment Advisors (RIAs) and their clients", significantly raising the profile of bitcoin as an investment asset to the key group of investment advisors.

tldr

  • Mass Mutual added a $100mm BTC position to their general account in Q4 2020, in what was widely considered significant validation of bitcoin as an investable asset
  • Mr. Corbett's focus on the long-term and willingness to look at bitcoin's fundamental properties are key to Mass Mutual supporting BTC
  • Finally, giving RIAs tooling and support for recommending bitcoin/crypto as investments, is an important step for the wider investment advisory world.

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. 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

Common Critique #7
Bitcoin is a Bubble

Critique:  Like tulip-bulbs hundreds of years ago, Bitcoin is a retail mania, and it will collapse.

Rebuttal:  Bitcoin has experienced four major cycles of massive 1000%+ appreciation, followed by deep drawdowns of more than 80%. Each cycle has started from a much higher price than the previous... more

WHAT MONEY MANAGERS ARE SAYING

anthony-scaramucci

Anthony Scaramucci
Founder - SkyBridge Capital

“SkyBridge filed with the SEC to form a subsidiary named "SkyBridge Bitcoin Fund L.P."...” more

ray-dalio

Ray Dalio
Founder, Co-CIO, Bridgewater Associates

“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

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

MOST RECENTLY ADDED

We're adding to the library constantly. These are the newest additions.