Bitcoin Marketcap

$737B

Gold Marketcap

$10.98T

BTC Settlement Volume (24hr)

$8.73B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$39,299  📈

+$1,171

+3.07%


S&P 500

4,395  📉

-16.17

-0.37%


Gold

$1,807  📉

-$4.83

-0.27%


Silver

$25.38  📉

-$0.1

-0.38%


Euro

$1.1843  📉

-$0

-0.2%


Yen

¥109.55  📈

+¥0.59

+0.54%


Renminbi (CNY)

¥6.4651   

-¥0.01

-0.08%


Oil (WTI)

$69.26  📉

-$1.03

-1.47%


BITCOIN STATS

Bitcoin Marketcap

$737B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.40%


BTC Settlement Volume (24hr)

$8.73B


Real Exchange Volume (24hr)

$5.78B


Active Addresses

820,918


Mining Reward Value (24hr)

$36.0M


GBTC Premium

-6.63%


MSTR Premium

47.41%


BTC Down From ATH

39.33%


BTC Up From Cycle Low

34.21%


RATES & YIELDS

24hr change

UST 3mo

0.05%  📉

-0.01

-16.67%


UST 2yr

0.19%  📉

-0.01

-5%


UST 10yr

1.24%  📉

-0.04

-3.13%


UST 30yr

1.89%  📉

-0.02

-1.05%


Fed Funds (EFFR)

0.10%  📈

+0.03

+42.86%


US 10yr Breakeven Inflation

2.38%  📈

+0.01

+0.42%


Real Rate (10yr)

-1.13%  📈

-0.01

-0.89%


RATIOS

24hr change

Gold:BTC (marketcap)

14.89x   

-0.45

-2.95%


M2:BTC (marketcap)

27.65x   

-0.73

-2.56%


BTC:Oil (price)

566.98x   

+22.94

+4.22%


Gold:Oil (price)

26.09x   

+0.32

+1.26%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.22T  📈

+$143B

+1.77%


M1 Money Supply

$19.27T  📈

+$46.40B

+0.24%


M2 Money Supply

$20.39T  📈

+$18.80B

+0.09%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+251%

-12%

+33%

2 year:

+245%

+22%

+53%

3 year:

+463%

+48%

+55%

4 year:

+1,183%

+42%

+78%

5 year:

+6,719%

+35%

+102%

6 year:

+13,918%

+66%

+111%

7 year:

+6,585%

+38%

+130%

8 year:

+39,811%

+41%

+159%

9 year:

+359,564%

+12%

+215%

10 year:

+526,280%

+10%

+267%

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

109

2.37%

$39,299

112

2.44%

$30,000

213

4.64%

$20,000

231

5.03%

$10,000

536

11.66%

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

Bitcoin is Now Legal Tender in El Salvador


 

El Salvador President, Nayib Bukele joined Nic Carter, Balaji Srinivasan, Caitlin Long, and others, for an impromptu discussion about El Salvador's bitcoin bill last night, while the bill was being voted on and ultimately passed.


The discussion is notable for many reasons, but gives a good overview of both the rationale, and various implementation details. Specifically, the motivation includes:
- A sense of futurism: bringing new tech and approaches to El Salvador - Remittances: cutting out middlemen (which can take up to 30%) for El Salvador's significant remittance flows - Attracting entrepreneurs, investment, and other tech talent to the country Implementation:
- The government will run a $150mm (initially) "trust-fund" to facilitate exchange between BTC and USD if a merchant doesn't want to take any BTC price risk - The state will provide training and (optional) wallet software to the populace - El Salvador will grant immediate residency to anyone who invests 3 BTC (specifically BTC-denominated) into the country Stephan Livera summarized the conversation on twitter earlier today:

story image

tldr

  • Bukele is thoughtful about both the rationale and implementation, and this is clearly a serious effort for the country
  • No matter what one's views towards Bitcoin or Bukele, who has been criticized for various authoritarian moves, this is clearly a milestone for bitcoin, pulls forward adoption of bitcoin, and may have ramifications for Latin America more broadly

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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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