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

$41,388  📈

+$2,214

+5.65%


S&P 500

4,396  📉

-2.8

-0.06%


Gold

$1,814  📉

-$0.89

-0.05%


Silver

$25.48  📈

+$0.03

+0.12%


Euro

$1.1867  📈

+$0.00

+0.06%


Yen

¥109.69  📉

-¥0.11

-0.1%


Renminbi (CNY)

¥6.4615   

+¥0.00

0.00%


Oil (WTI)

$73.64  📉

-$0.44

-0.59%


BITCOIN STATS

Bitcoin Marketcap

$777B


BTC Inflation Rate (next 1yr)

1.79%


% Supply Issued

89.38%


BTC Settlement Volume (24hr)

$10.38B


Real Exchange Volume (24hr)

$6.71B


Active Addresses

841,162


Mining Reward Value (24hr)

$37.8M


GBTC Premium

-6.72%


MSTR Premium

39.08%


BTC Down From ATH

36.11%


BTC Up From Cycle Low

41.01%


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)

-1.17%  📈

-0.01

-0.86%


RATIOS

24hr change

Gold:BTC (marketcap)

14.18x   

-0.83

-5.54%


M2:BTC (marketcap)

26.23x   

-1.51

-5.46%


BTC:Oil (price)

562.66x   

+34.00

+6.43%


Gold:Oil (price)

24.63x   

+0.13

+0.55%


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:

+267%

-8%

+34%

2 year:

+295%

+24%

+48%

3 year:

+440%

+48%

+56%

4 year:

+1,423%

+42%

+77%

5 year:

+6,608%

+33%

+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:

+411,488%

+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%

$41,387

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

Why We’re Holding Bitcoin as a Reserve Asset


 

Last week we covered public-traded company MicroStrategy's decision to put $250mm of their corporate treasury into Bitcoin as a prudent move to hedge inflation. Today, we see another annoucement to this effect by online graphics company Snappa. CEO Christopher Gimmer explains the reasoning behind the move:

After pouring over the research myself, I believe that massive amounts of quantitative easing combined with fiscal stimulus will continue to result in currency debasement. In addition, I expect governments to keep doing more of the same in attempts to fight the natural deflationary pressures of technology. In order to hedge this risk, we’ve chosen to adopt Bitcoin as a primary reserve asset on our balance sheet.

tldr

More companies are viewing BTC as a prudent diversification strategy for treasury holdings as macro-concerns regarding fiat sustainability intensify. This trend can be thought of as analogous to companies that operate internationally hedging currency risk by holding various other currencies. More companies are simply realizing they are exposed to *fiat* risk no matter where they operate, and are starting to see BTC as an appropriate hedge.


Additionally, Mr. Gimmer referenced a number of key pieces we catelog in the CaseBitcoin Library:


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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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