HOUSE_OVERSIGHT_025679.jpg
1.05 MB
Extraction Summary
3
People
5
Organizations
0
Locations
0
Events
2
Relationships
3
Quotes
Document Information
Type:
Financial presentation slide / government production document
File Size:
1.05 MB
Summary
This document is a slide from a Goldman Sachs Investment Management Division presentation analyzing Bitcoin's market price relative to its production cost compared to traditional commodities like Oil and Gold. It highlights that Bitcoin trades at a 350% premium over its marginal production cost, significantly higher than Gold (50%) or Oil (8%). The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was produced as part of a congressional investigation, though the slide itself contains no direct references to Jeffrey Epstein or his immediate associates.
People (3)
| Name | Role | Context |
|---|---|---|
| Peter C.B. Phillips | Author |
Co-author of cited academic paper regarding market bubbles.
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| Shu-Ping Shi | Author |
Co-author of cited academic paper regarding market bubbles.
|
| Jun Yu | Author |
Co-author of cited academic paper regarding market bubbles.
|
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Goldman Sachs |
Creator of the presentation (Investment Management Division).
|
|
| Investment Strategy Group |
Source of data.
|
|
| Bloomberg |
Source of data.
|
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| International Economic Review |
Publisher of the cited academic paper.
|
|
| House Oversight Committee |
Implied recipient/archivist via Bates stamp 'HOUSE_OVERSIGHT'.
|
Relationships (2)
Listed together in citation (1).
Listed together in citation (1).
Key Quotes (3)
"Bitcoin tokens possesses no physicality, a criteria for traditional commodities."Source
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Quote #1
"Compared to other commodities, Bitcoin’s market price stands far above its marginal production cost."Source
HOUSE_OVERSIGHT_025679.jpg
Quote #2
"Bitcoin miners’ revenue per bitcoin stands approximately 350% above their electricity expenditures."Source
HOUSE_OVERSIGHT_025679.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,081 characters)
Compared to Commodities, Bitcoin’s Market Price is Dislocated Relative to its Marginal Production Cost
Investment Management Division
Goldman Sachs
Investment Management Division
Goldman Sachs
Oil, Gold and Bitcoin: Marginal Production Cost versus Current Market Price
[Y-Axis 0 to 8000]
Marginal Production Cost
Current Market Price (% above marginal production cost)
[Y-Axis 0 to 8000]
Marginal Production Cost
Current Market Price (% above marginal production cost)
Crude Oil (WTI)
$52.5
$57 (+8%)
$52.5
$57 (+8%)
Gold
$850
$1,278 (+50%)
$850
$1,278 (+50%)
Bitcoin
$1200-1700
$6,517 (+350%)
$1200-1700
$6,517 (+350%)
▪ Bitcoin tokens possesses no physicality, a criteria for traditional commodities.
▪ Compared to other commodities, Bitcoin’s market price stands far above its marginal production cost.
– Gold miners’ and oil drillers’ revenues stand 50% and 8% above their marginal production costs, respectively.
– Bitcoin miners’ revenue per bitcoin stands approximately 350% above their electricity expenditures.
▪ Compared to other commodities, Bitcoin’s market price stands far above its marginal production cost.
– Gold miners’ and oil drillers’ revenues stand 50% and 8% above their marginal production costs, respectively.
– Bitcoin miners’ revenue per bitcoin stands approximately 350% above their electricity expenditures.
(1) Peter C.B. Phillips, Shu-Ping Shi and Jun Yu, “Testing for Multiple Bubbles: Historical Episodes of Exuberance and Collapse in the S&P 500,” International Economic Review, Oct 28, 2015.
Source: Investment Strategy Group, Bloomberg.
16
HOUSE_OVERSIGHT_025679
Source: Investment Strategy Group, Bloomberg.
16
HOUSE_OVERSIGHT_025679
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