Bitcoin Marketcap

$777B

Gold Marketcap

$11.03T

BTC Settlement Volume (24hr)

$10.38B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$41,396  📈

+$2,036

+5.17%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,814  📈

+$4.06

+0.22%


Silver

$25.48  📈

+$0.08

+0.31%


Euro

$1.1867  📈

+$0.00

+0.06%


Yen

¥109.69  📉

-¥0.11

-0.1%


Renminbi (CNY)

¥6.4615   

+¥0

0%


Oil (WTI)

$73.64  📉

-$0.12

-0.16%


BITCOIN STATS

Bitcoin Marketcap

$777B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.39%


BTC Settlement Volume (24hr)

$10.38B


Real Exchange Volume (24hr)

$6.65B


Active Addresses

841,162


Mining Reward Value (24hr)

$37.8M


GBTC Premium

-6.72%


MSTR Premium

39.08%


BTC Down From ATH

36.16%


BTC Up From Cycle Low

41.36%


RATES & YIELDS

24hr change

UST 3mo

0.06%  📈

+0.01

+20.00%


UST 2yr

0.20%  📈

+0

0%


UST 10yr

1.26%  📈

+0.01

+0.80%


UST 30yr

1.90%  📈

+0.01

+0.53%


Fed Funds (EFFR)

0.10%  📈

+0

0%


US 10yr Breakeven Inflation

2.40%  📉

-0.03

-1.23%


Real Rate (10yr)

-1.14%  📉

+0.03

+-2.56%


RATIOS

24hr change

Gold:BTC (marketcap)

14.20x   

-0.69

-4.67%


M2:BTC (marketcap)

26.24x   

-1.41

-5.09%


BTC:Oil (price)

562.14x   

+28.27

+5.30%


Gold:Oil (price)

24.64x   

+0.10

+0.41%


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:

+269%

-8%

+34%

2 year:

+295%

+24%

+48%

3 year:

+440%

+48%

+56%

4 year:

+1,423%

+42%

+77%

5 year:

+6,647%

+34%

+102%

6 year:

+14,623%

+66%

+109%

7 year:

+6,947%

+41%

+127%

8 year:

+43,147%

+39%

+157%

9 year:

+383,038%

+14%

+219%

10 year:

+413,875%

+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%

$41,428

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

Microsoft Launches Decentralized Identity System on Bitcoin


 

As of today, Microsoft has deployed v1 of the "ION" decentralized identity platform that the company spear-headed, on top of the Bitcoin network. At root ION provides "decentralized identifiers" - things like usernames, email addresses, or anything online that can be pointed to - in a way that doesn't rely on any third party, including Microsoft. ION accomplishes this by fundamentally anchoring the system to the Bitcoin blockchain, due to Bitcoin's unmatched neutrality and decentralization assurances.


Microsoft's release announcement explains:

We are excited to share that v1 of ION is complete and has been launched on Bitcoin mainnet. We have deployed an ION node to our production infrastructure and are working together with other companies and organizations to do so as well. ION does not rely on centralized entities, trusted validators, or special protocol tokens – ION answers to no one but you, the community. Because ION is an open, permissionless system, anyone can run an ION node, in fact the more nodes in operation, the stronger the network becomes


According to the release, ION has been in development for 4 years, with the first pre-release mention of it running on top of bitcoin occurring in 2019.

tldr

  • Bitcoin's certainty and neutrality assurances are unmatched, a fact that Microsoft seems to have recognized.
  • Bitcoin's potential use as foundational non-monetary infrastructure is likely underestimated.
  • In the analogy to gold, use-cases like this can perhaps be considered bitcoin's "industrial demand".

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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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