Bitcoin Marketcap

$556B

Gold Marketcap

$11.26T

BTC Settlement Volume (24hr)

$12.90B

BTC Inflation Rate (next 1yr)

1.77%

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KEY MARKETS

24hr change

Bitcoin

$29,396  πŸ“‰

-$6.5

-0.02%


S&P 500

3,903  πŸ“‰

-0.6

-0.02%


Gold

$1,852  πŸ“ˆ

+$5.25

+0.28%


Silver

$21.74  πŸ“‰

-$0.01

-0.05%


Euro

$1.0562  πŸ“ˆ

+$0

0%


Yen

Β₯127.94  πŸ“ˆ

+Β₯0

0%


Renminbi (CNY)

Β₯6.6930   

+Β₯0

0%


Oil (WTI)

$110.30  πŸ“ˆ

+$0.03

+0.03%


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%  πŸ“ˆ

+0.02

+1.94%


UST 2yr

2.68%  πŸ“‰

-0.03

-1.11%


UST 10yr

2.88%  πŸ“‰

-0.1

-3.36%


UST 30yr

3.06%  πŸ“‰

-0.11

-3.47%


Fed Funds (EFFR)

0.83%  πŸ“ˆ

+0

0%


US 10yr Breakeven Inflation

2.55%  πŸ“‰

-0.04

-1.54%


Real Rate (10yr)

0.33%  πŸ“ˆ

+0.04

+13.79%


RATIOS

24hr change

Gold:BTC (marketcap)

20.25x   

+0.06

+0.29%


M2:BTC (marketcap)

39.24x   

-0.01

-0.02%


BTC:Oil (price)

266.51x   

-0.15

-0.06%


Gold:Oil (price)

16.79x   

+0.04

+0.26%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.95T  πŸ“‰

 

-0.22%


M1 Money Supply

$20.71T  πŸ“ˆ

+$15.90B

+0.08%


M2 Money Supply

$21.81T  πŸ“‰

 

-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%

$29,396

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

Critique #6: Bitcoin Can Be Cloned

<< back to all critiques

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 can't clone the acceptance, name recognition, and security that only the bitcoin network enjoys. People have been cloning bitcoin since 2011, yet no clone has come close to matching bitcoin's marketcap and network effect.

As an internet protocol for money and a store-of-value, bitcoin enjoys extremely strong network effects. The lock-in created by thousands of businesses, and millions of users & investors, who have a vested interest in bitcoin specifically is extremely difficult to overcome. This is akin to what we've seen with base-level internet protocols over the past 50 years. Foundational technologies like tcp/ip and smtp have dominated for decades, despite their technical flaws and emergence of countless competitors. They are simply too ingrained in the internet ecosystem to unseat, and developers and businesses choose to build on top of them instead. Bitcoin is proving similar.

Along these lines, CEO of Micro Strategy, Michael Saylor, recently observed that once a tech company or platform with a network effect achieves a $100B marketcap, and does not have competitors similarly valued, the platform is likely to be a dominant runaway success due its network effects and a winner-take-most dynamic. Bitcoin surpassed $100B in marketcap for the first time in 2017 and has remained dominant as a pure digital money and store-of-value throughout its entire history.