Bitcoin from an Investment Perspective

Amsterdam | August 5 2014

Robeco | Jeroen Blokland

Portfolio manager (Robeco ONE)

Twitter: @jsblokland

Blog: http://jeroenbloklandblog.com/

For institutional investors

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Bitcoin as an Asset Class - Return

Bitcoin as an Asset Class - Risk

Bitcoin as an Asset Class – Portfolio Context

Bitcoin as a Currency- Value in Circulation

Country Currency GDP Value of currency in circulationEurozone Euro 12213 1310United States US Dollar 16244 1123Philippines Philippine Peso 272 13Peru Peruvian New Sol 202 13Denmark Danish Krone 330 12Chile Chilean Peso 277 11South Africa Rand 351 10Bitcoin bitcoin 8Value in billions of USD

Source: Annual Reports of the Central Banks of the countries mentioned

Bitcoin Comparison based on Value of Currency in Circulation

Bitcoin as a Currency- Money Supply

Country Currency GDP Money SupplyEurozone Euro 12213 12690US US Dollar 16244 11288Latvia Lats 28 19Bolivia Boliviano 27 16Iceland Iceland Krona 14 14Costa Rica Colon 45 13Namibia Namibian Dollar 13 6Bitcoin bitcoin 8Value in billions of USD

Source: Bloomberg and Annual Reports of the Central Banks of the countries mentioned

Bitcoin Comparison based on Money Supply

Bitcoin as a Currency- FX Trading

BTC 0.05

Bitcoin as a Currency- Volatility

USD Currency Pair Average Volatility Most recent VolatilityEuro 9% 5%Yen 9% 5%British Pound 7% 5%Philippine Peso 5% 5%Peruvian New Sol 4% 3%Danish Krone 9% 5%Chilean Peso 10% 8%Rand 14% 9%Lats 9% 5%Boliviano 4% 3%Iceland Krona 10% 5%Colon 5% 9%Namibian Dollar 14% 9%Hungarian Forint 15% 9%bitcoin 154% 63%Volatility of weekly currency movements against the USD

Average volatility based on rolling 26-week realized volatility starting in July 2010

Most recent volatility based on last 26-week realized volatility

Source: Bloomberg

Bitcoin Comparison based on Volatility

The Future?

Disclaimer

Important Information

Without further explanation this presentation cannot be considered complete. It is intended to provide the reader with information on Robeco’s specific capabilities, but does not constitute a recommendation to buy or sell certain securities or investment products. All copyrights, patents and other property in the information contained in this document are held by Robeco. No rights whatsoever are licensed or assigned or shall otherwise pass to persons accessing this information. The information contained in this publication is not intended for users from other countries, such as US citizens and residents, where the offering of foreign financial services is not permitted, or where Robeco's services are not available. Robeco Institutional Asset Management B.V. (trade register number: 24123167) has a license of the Netherlands Authority for the Financial Markets in Amsterdam.

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