Bitcoin Marketcap

$707B

Gold Marketcap

$10.87T

BTC Settlement Volume (24hr)

$11.27B

BTC Inflation Rate (next 1yr)

1.79%

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KEY MARKETS

24hr change

Bitcoin

$37,741  📉

 

-3.83%


S&P 500

4,228  📈

+11.02

+0.26%


Gold

$1,787  📉

-$20.3

-1.12%


Silver

$26.28  📉

-$0.52

-1.95%


Euro

$1.1905  📉

-$0.01

-0.73%


Yen

¥110.09  📉

-¥0.6

-0.54%


Renminbi (CNY)

¥6.4442   

+¥0.02

+0.30%


Oil (WTI)

$70.82  📉

-$0.87

-1.21%


BITCOIN STATS

Bitcoin Marketcap

$707B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.22%


BTC Settlement Volume (24hr)

$11.27B


Real Exchange Volume (24hr)

$7.37B


Active Addresses

865,333


Mining Reward Value (24hr)

$34.5M


GBTC Premium

-11.89%


MSTR Premium

46.38%


BTC Down From ATH

41.64%


BTC Up From Cycle Low

10.21%


RATES & YIELDS

24hr change

UST 3mo

0.04%  📈

+0.01

+33.33%


UST 2yr

0.21%  📈

+0.05

+31.25%


UST 10yr

1.57%  📈

+0.06

+3.97%


UST 30yr

2.20%  📈

+0

0%


Fed Funds (EFFR)

0.06%  📈

+0

0%


US 10yr Breakeven Inflation

2.27%  📉

-0.05

-2.16%


Real Rate (10yr)

-0.75%  📉

+0.12

+-13.79%


RATIOS

24hr change

Gold:BTC (marketcap)

15.37x   

+0.46

+3.09%


M2:BTC (marketcap)

28.45x   

+1.13

+4.13%


BTC:Oil (price)

532.91x   

-14.75

-2.69%


Gold:Oil (price)

25.26x   

+0.04

+0.18%


US GOVERNMENT STATS

30-day change

Federal Reserve Balance Sheet

$8.06T  📈

+$141B

+1.78%


M1 Money Supply

$18.94T  📈

+$252B

+1.35%


M2 Money Supply

$20.11T  📈

+$212B

+1.07%


BTC ROI

Bitcoin & Traditional Assets ROI (vs USD)

BTC vs Traditional Assets ROI:

 

Bitcoin

Gold

S&P 500

1 year:

+299%

+3%

+36%

2 year:

+301%

+29%

+43%

3 year:

+459%

+40%

+53%

4 year:

+1,376%

+43%

+73%

5 year:

+4,866%

+38%

+104%

6 year:

+15,345%

+49%

+100%

7 year:

+6,302%

+36%

+115%

8 year:

+36,116%

+35%

+166%

9 year:

+564,778%

+10%

+212%

10 year:

+221,196%

+15%

+229%

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

105

2.31%

$37,740

119

2.62%

$30,000

167

3.67%

$20,000

184

4.05%

$10,000

489

10.75%

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

UK Investment Manager Ruffer Adds Bitcoin to Portfolio as 'Potent Insurance Policy'


 

UK Investment Manager - Ruffer Investment Co - announced today that they have allocated 2.5% of their portfolio (£20B total AUM) to Bitcoin, calling it a 'small but potent insurance policy against the continuing devaluation of the world's major currencies.'


Additionally, they noted they made the BTC allocation in November, after 'reducing the company's exposure to gold.' Full text:

Performance Update & Manager Comment We wanted to give shareholders a short update on performance this year and to let you know about a new allocation to the digital currency bitcoin. The portfolio has made strong progress amid the turmoil of 2020. To the 8th December NAV point the NAV total return is 12.2%. During the panic back in March, the protective assets did all we hoped they would. In the spring and early summer, gold and the inflation-linked bonds performed well. More recently, the economically sensitive equities have reacted very positively to the success of the covid-19 vaccines, leading the portfolio higher. One recent addition, via one of the specialist managers appointed within the Ruffer Multi-Strategies Fund, has been bitcoin. This is primarily a defensive move, one made in November after reducing the company's exposure to gold. The exposure to bitcoin is currently equivalent to around 2.5% of the portfolio. We see this as a small but potent insurance policy against the continuing devaluation of the world's major currencies. Bitcoin diversifies the company's (much larger) investments in gold and inflation-linked bonds, and acts as a hedge to some of the monetary and market risks that we see.

tldr

  • Bitcoin continues its march into traditional-finance, as more money managers see the need to hedge fiat depreciation
  • This is another data point in favor of the theory that BTC has been meaningfully eating into gold's inflows lately.
  • This follows announcements from a host of large traditional money managers recently making allocations to BTC, or positive remarks.

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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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