Bitcoin Marketcap

$775B

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

$41,299  📈

+$2,036

+5.19%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,814  📈

+$2.82

+0.16%


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

$775B


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)

14.23x   

-0.72

-4.8%


M2:BTC (marketcap)

26.31x   

-1.41

-5.09%


BTC:Oil (price)

560.47x   

+28.37

+5.33%


Gold:Oil (price)

24.64x   

+0.05

+0.19%


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%

$41,273

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

Soros Fund Management CIO Hints at Bitcoin Ownership


 

In an interview with Bloomberg published today, Dawn Fitzpatrick, CIO of Soros Fund Management (AUM: $5.295B), both made the case for bitcoin, as well at hinted as owning some (either personally, or for the fund):


When asked directly "Do you own any bitcoin?", she paused for several seconds, laughed, and answered: "I'm not gonna answer that."


story image


Here's a transcript of the above segment:

[Fitzpatrick] When it comes to crypto generally, we're at a really important moment in time, in that, something like bitcoin might've stayed a fringe asset, but for the fact, over the last 12 months, we've increased money supply in the US by over 25%. So there's a real fear of debasing of fiat currencies. And when you think about bitcoin, I don't think it's a currency, I think it's a commodity, but it's a commodity that's easily store-able, it's easily transferable, the IRS classifies it as a physical asset, it has a finite amount of supply, and that supply halves every 4 years. So I think it's interesting. And I think by the way, when you look at gold price action, in the context of a fairly robust inflation narrative of late, it's struggled getting traction and I think that's because bitcoin is taking some of its buyer base away. [Bloomberg]: Do you own any bitcoin? [Fitzpatrick] {pause} {laughs} I'm not gonna answer that. [Bloomberg] That is what I would call a mysterious response. [Fitzpatrick] But I will say, the one thing also, when you think about bitcoin... Central bank digital currencies are going to be here, I think quicker than people expect. China's been running their trial for a while now, and I think there are some strategic reasons why they're going to be a first mover. And I do think, from a geo-political perspective, they want that digital currency to be used around the world and it is a potential threat to bitcoin and other cryptocurrencies. [Bloomberg] I was just going to say, does that legitimize bitcoin, or does that delegitimize bitcoin? [Fitzpatrick] So I think it is a real threat, but I think it will be temporary. I don't think they'll be successful in permanently destabilizing bitcoin.

tldr

  • Regardless of whether or not the fund owns bitcoin, it's clear that they've done their homework and are diving into the ecosystem.
  • They view bitcoin as effectively eating gold's lunch recently.
  • Despite the fact that BTC may be perceived by some governments as a geopolitical threat, Fitzpatrick thinks any harsh actions would be temporary.

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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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