Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From JPMorgan's bylaw omission to the future of Sprint, here are four charts that tell you what you need to know in business today.

Bitcoin's Value Trap
Bitcoin evangelists like to point to its NVT -- a measure similar to P/E -- to argue it's not in a bubble. But the measure is deeply flawed.
Network value is the total value of all bitcoins in existence
Stem the Bleeding
Things look pretty grim at Sprint, but don't count out a tag team of Masa Son and John Legere as T-Mobile takes over.
Source: Bloomberg
Shrinking Pool
As the number of commercial banks plunges, it's not crazy to think Amazon might successfully take their place.
Source: Federal Financial Institutions Examination Council
Bank Penalties
JPMorgan's bylaws have been updated to account for nuclear war. But they skirt around the far more common issue of fraud.
Source: BCG

And don't miss Gillian Tan on the Trump administration's plan to boost the number of public companies in the U.S.: "Even if relaxing regulation results in more IPOs, the number of public companies is likely to remain relatively unchanged over time. Why's that? Well, a steady stream of mergers means public companies have been picked off at a pace of almost seven a week so far this year alone." 

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

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Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at