📊 EV’s Charts of the Week #48

Hi, I’m Azeem Azhar. I convene Exponential View to help us understand how our societies and political economy will change under the force of rapidly accelerating technologies. This is my Charts of the Week mailout in which we explore the world through data.

DEPARTMENT OF CRYPTO

A milestone for Bitcoin

The first Bitcoin futures ETF launched yesterday, capping an incredible recent run in the price of the cryptocurrency. The ETF was the second-most traded in history, according to Bloomberg. Given this graduation of sorts, it’s instructive to look back on the rise of Bitcoin. This chart tracks its remarkable adoption curve compared with other internet technologies. Via Coin Shares

Where have all the miners gone?

And yet, Bitcoin is still a new technology. China’s battered relationship with cryptocurrencies is clear evidence of growing pains. The country has gone from leading international mining of Bitcoin to no mining in the space of two years. Via Jim Bianco (See also: EV#344 about the US overtaking China as the world's largest Bitcoin miner)

Is it all a bubble?

Whenever Bitcoin hits a new high price point or passes a milestone, the debate about whether the cryptocurrency is a bubble heats up. Changes to the long-term holding of Bitcoin is a great way to judge the staying power of the currency. On the surface, there appears to be a fair amount of holding power, even if recent weeks have seen HODLers starting to spend. Via Glassnode

DEPARTMENT OF CONSUMER INCOME

A banana republic in the making?

The top 1% now have as much wealth as the entire middle class in the United States. Such staggering levels of income inequality haven’t been seen since before the Great Depression. Via Zerohedge