the investment case for bitcoin - vaneck · the below stock to flow data suggest that bitcoin may...

2019

The Investment Case for Bitcoin

2

Bitcoin as a Potential Store of Value 3

Bitcoin’s Role in an Investment Portfolio 9

Accelerating Bitcoin Adoption 18

Table of Contents

Understanding the differences between monetary and intrinsic value

Bitcoin’s combination of durability, scarcity, privacy, and its nature as a bearer asset all contribute to it holding monetary value

Bitcoin is on the path to becoming digital gold

So why don’t institutional investors own bitcoin?

Bitcoin as a Potential Store of Value

3

Please see important disclosures at the end of this presentation.

To determine if Bitcoin has value, it is important to start with understanding the two types of value

Intrinsic Value (IV): Value that exists because an economic good produces cash flow or has overt utility: equities, fixed income, real estate, and consumable commodities (corn, oil, etc).

Monetary Value (MV): Value that exists in spite of an economic good not having intrinsic value or value that exists in excess of an economic good’s intrinsic value

Bitcoin and Monetary Theory

4

* Precious metals have a tiny amount of intrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.

Goods with Intrinsic Value Goods with Monetary Value

Equities Gold

Fixed Income Silver

Real estate Diamonds

Corn Bitcoin

Wheat Artwork

Oil U.S. Dollars

Copper Emeralds, rubies, other gemstones

Nothing ever “backs” MV: MV is inherently a bet that an object will retain value or increase in value in the future. Items with MV are items that store value and can be seen as claims on future IV. This may make people uncomfortable but it has been true since the dawn of civilization.

MV arises because of collective belief: Behavioral economics, heard behavior, etc. Humans have long needed a way to store value outside of IV. Money is a natural consequence of a productive society

Monetary value needn’t relate to any sovereign power: historically, most objects of monetary value have no relationship to a sovereign power – gold, gemstones, etc.

The creation of a new object with monetary value is rare, but not unheard of. Artwork is a good example. Artwork as MV is a phenomenon of the past few centuries. Artwork did not have MV in early societies.

MV usually arises from special needs or circumstances:— Gold acquired MV because it was scarce, durable and relatively easy to make into coins, bars,

etc.— Bitcoin has MV because it is scarce (which is spectacularly unique in a digital world), durable,

has strong privacy characteristics (i.e. it is pseudonymous), is a bearer asset that can be memorized (making it especially useful in authoritarian regimes)

Monetary Value

5

* Precious metals have a tiny amount of instrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.

The generation of MV does not require that an object be attached to a payment system— Artwork is not used for payments but its value is entirely MV— Gold was used in the past for payments but nowadays only on a very limited basis— Bitcoin is not a terrific payment system but certainly better than artwork and gold

The more people that come to accept than an object has MV, the more likely it is to have MV in the future

Volatility is an inherent consequence of the process of an object acquiring MV— When gold first acquired MV there was plenty of disagreement about how many goats you could

get for an ounce of gold

Currency is a sub-type of money. Money is a sub-type of items with MV— USD is a currency: usable for transactions on a regular basis— Gold coins are a money: usable on a very limited basis for transactions but not as easily as a

currency— Artwork is an object with MV. Not readily usable for transactions but plenty of MV nonetheless— Bitcoin is not quite a currency but most certainly is a money, however it may become a currency

in the future

Monetary Theory

6

* Precious metals have a tiny amount of intrinsic value because of industrial uses. Nonetheless, the prices of precious metals largely reflect their monetary value. If gold were to trade at a price that reflected only its industrial use it would be far cheaper than it is today. Please see important disclosures at the end of this presentation.

Source: MVIS Website, As of 06/30/2019. Please see important disclosures at the end of this presentation.

Traits of Money Gold Government Issued (U.S. dollar) Crypto (Bitcoin)Fungible (Interchangeable) High High HighNon-consumable High High HighPortability Moderate High HighDurable High Moderate HighHighly divisible Moderate Moderate HighSecure (cannot be counterfeited) Moderate Moderate HighEasily transactable Low High HighScarce (predictable supply) Moderate Low HighSovereign (Government issues) Low High LowDecentralized Low Low HighSmart (Programmable) Low Low High

Bitcoin vs. Gold vs. Dollar

Bitcoin Has the Potential to Become “Digital Gold”

7

Return Distribution

IntervalS&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currency

-120.0 to -115.00.00.00.00.00.00.00.0

-115.0 to -110.00.00.00.00.00.00.00.0

-110.0 to -105.00.00.00.00.00.00.00.0

-105.0 to -100.00.00.00.00.00.00.00.0

-100.0 to -95.00.00.00.00.00.00.00.0

-95.0 to -90.00.00.00.00.00.00.00.0S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currency

-90.0 to -85.00.00.00.00.00.00.00.0150.00.012.10.00.00.00.0

-50.0 to -45.00.00.00.00.00.00.00.0

-45.0 to -40.00.00.00.50.00.00.00.0

-40.0 to -35.00.00.00.00.00.00.00.0

-35.0 to -30.00.00.00.80.00.00.00.06.4

-30.0 to -25.00.00.00.80.00.00.00.0

-25.0 to -20.00.00.01.50.00.00.00.0

-20.0 to -15.00.00.02.80.00.00.00.0

-15.0 to -10.00.00.05.90.00.01.80.0100.0100.081.5100.0100.0100.0100.0

-10.0 to -5.01.30.09.71.31.58.20.0

-5.0 to 0.037.240.819.548.539.040.846.9

0.0 to 5.061.559.224.449.559.240.353.1

5.0 to 10.00.00.015.40.80.38.50.0

10.0 to 15.00.00.06.70.00.00.50.0

15.0 to 20.00.00.03.10.00.00.00.012.1

20.0 to 25.00.00.03.10.00.00.00.0

25.0 to 30.00.00.01.30.00.00.00.0

30.0 to 35.00.00.01.30.00.00.00.0

35.0 to 40.00.00.01.30.00.00.00.0

40.0 to 45.00.00.01.00.00.00.00.0

45.0 to 50.00.00.00.00.00.00.00.0

50.0 to 55.00.00.00.30.00.00.00.0

55.0 to 60.00.00.00.00.00.00.00.0

60.0 to 65.00.00.00.00.00.00.00.0

65.0 to 70.00.00.00.00.00.00.00.0

70.0 to 75.00.00.00.30.00.00.00.0

75.0 to 80.00.00.00.00.00.00.00.0

80.0 to 85.00.00.00.30.00.00.00.0

85.0 to 90.00.00.00.00.00.00.00.0

90.0 to 95.00.00.00.00.00.00.00.0

95.0 to 100.00.00.00.00.00.00.00.0

100.0 to 105.00.00.00.00.00.00.00.0

105.0 to 110.00.00.00.00.00.00.00.0

110.0 to 115.00.00.00.00.00.00.00.0

115.0 to 120.00.00.00.30.00.00.00.0

Return Distribution

S&P 500

US Bonds

Bitcoin

Gold

US Real Estate

Oil

Emerging Market Currency

Percent of Periods

Bitcoin Return Distribution

Sheet1

Bitcoin vs. Gold vs. Dollar

Traits of MoneyGoldGovernment Issued (U.S. dollar)Crypto (Bitcoin)

Fungible (Interchangeable)HighHighHigh

Non-consumableHighHighHigh

PortabilityModerateHighHigh

DurableHighModerateHigh

Highly divisibleModerateModerateHigh

Secure (cannot be counterfeited)ModerateModerateHigh

Easily transactableLowHighHigh

Scarce (predictable supply)ModerateLowHigh

Sovereign (Government issues)LowHighLow

DecentralizedLowLowHigh

Smart (Programmable)LowLowHigh

None of the traditional capital markets infrastructure participants handle bitcoin

The difficulty largely has to do with bitcoin’s nature as a bearer asset The plumbing to connect bitcoin with capital markets has been limited

Why don’t Institutional Investors Have Exposure to Bitcoin?

8


Capital Markets

Function / entity Stocks, bonds, etc. Bitcoin and other digital assetsCustodians ✔ ✘Prime brokers ✔ ✘Clearing entities ✔ ✘Settlement entities ✔ ✘Transfer agents ✔ ✘

Investment Cumulative Growth

Date60-40 Blend60-40 Blend /w 50 BPS60-40 Blend /w 100 BPS60-40 Blend /w 300 BPSS&P 500Bloomberg Barclays US AggReturnStd DevAlphaBetaR2Sharpe Ratio (arith)Up Capture RatioDown Capture Ratio

January-1200000060eqty-40bond9.476.680.950.5997.171.3263.3456.23

February-1211123-060eqty-40bond 0.5 crypto10.446.851.720.6095.201.4367.1356.03

February-1211112-060eqty-40bond 1 crypto11.407.162.500.6189.891.5070.8755.83

February-1222214-060eqty-40bond 3 crypto15.239.395.590.6558.821.5585.5055.09

February-1222224-0S&P 500 TR (1989)13.9211.170.001.00100.001.19100.00100.00

March-12333250BBgBarc US Agg Bond TR USD2.682.852.38-0.031.140.717.89-8.62

March-1233325-0S&P 500 TR (1989)13.9211.170.001.00100.001.19100.00100.00Cumulative Return %Annualized ReturnVolatilityBeta

March-1244447-1S&P 500165.6913.9211.171.00

March-1244437-1Bloomberg Barclays US Agg21.912.682.85-0.03

March-1244448-160-40 Blend97.159.476.680.59

April-1244447-060-40 Blend /w 50 BPS110.5610.446.850.60

April-1233335060-40 Blend /w 100 BPS124.7111.407.160.61

April-1233336060-40 Blend /w 300 BPS189.4915.239.390.65

April-12555470

May-12333351

May-12333241

May-12000-0-11

May-12111111Capital Markets

June-12-0-0-0-0-22

June-12222221Function / entityStocks, bonds, etc.Bitcoin and other digital assets

June-12333331Custodians✔✘

June-12222331Prime brokers✔✘

June-12444451Clearing entities✔✘

July-12344442Settlement entities✔✘

July-12444542Transfer agents✔✘

July-12455653

July-12556773

August-12566873

August-12677983

August-12777992

August-12677992

September-12677993

September-1288910113




October-129101012133

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October-12778993

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January-1310101113143

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February-19819210415613916

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February-19849510716114516

February-19859610816314716

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March-19839410616014316

March-19869811016515017

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March-198810011216715118

April-199010211517215618

April-199110311517315818

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April-199210411717616118

May-199210511817716118

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June-19869911217314520

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June-199510912318716321

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Investment Cumulative Growth

60-40 Blend

60-40 Blend /w 50 BPS



S&P 500

Bloomberg Barclays US Agg

Cumulative Return %

Assemetric Return Profile2/1/2012 - 7/31/2019

If Bitcoin is increasingly used as an asset with monetary value both on-chain and off-chain, then how might one think of it as an investment?

Several theories exist that point to increasing scarcity and Network Transfer Value as some of the drivers for historical Bitcoin growth

Bitcoin historical performance and how that could fit into an investment portfolio

Bitcoin’s Role in an Investment Portfolio

9


The stock to flow ratio is defined as the amount of an asset that is held in reserves divided by the amount of that asset produced for a selected time period

The below stock to flow data suggest that bitcoin may have potential to grow based on historical data and scarcity characteristics of bitcoin, gold and silver

Stock to Flow Ratio Illustrates Bitcoin Growth Potential

10

Source: Medium, “Modeling Bitcoin’s Value with Scarcity,” March 22, 2019. Please see important disclosures at the end of this presentation.

Halving is defined as a 50% block reward cut to bitcoin production rate. Halvings are programmed into bitcoin and occur roughly every four years (210,000 blocks)

Historically, given the increasing scarcity induced by halvings, the price of bitcoin has increased following halvings over the course of Bitcoin’s lifecycle

The next halving is expected in May 2020

Bitcoin Halving Illustrates Scarcity-Driven Historical Growth

11

Source: Morningstar. Data as of 7/31/2019. Please see important disclosures at the end of this presentation.

1.0

10.0

100.0

1,000.0

10,000.0

100,000.0

1,000,000.0

Cum

ulat

ive R

etur

n %

MVIS CryptoCompare Bitcoin Index2/1/2012 - 7/31/2019

2nd halving7/9/2016Bitcoin price: $657.61

1st halving11/28/2012Bitcoin price: $12.22

Bitcoin has performed well versus major indices Most long term periods such as 3 and 5 year have been historically positive for Bitcoin

Bitcoin Historically Outperforms Traditional Asset Classes

12

Source: MVIS. Data as of July 31, 2019. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; US Real Estate is measured by the MSCI US REIT Index; Oil is measured by the Brent Crude oil spot price, Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index. See disclaimers and index descriptions at the end of this presentation. Past performance is no guarantee of future results.

1 Month 3 Months YTD 1 Year 3 Years 5 YearsBitcoin -10.83 86.40 158.39 28.92 167.30 82.32S&P 500 1.44 1.69 20.24 7.99 13.36 11.34US Bonds 0.22 3.28 6.35 8.08 2.17 3.05Gold 1.70 11.83 12.21 16.55 1.93 2.31ACWI 0.17 -0.09 15.07 0.87 8.01 4.39

1.0

10.0

100.0

1,000.0

10,000.0

100,000.0

1,000,000.0

Cum

ulat

ive R

etur

n %

MVIS CryptoCompare Bitcoin Index2/1/2012 - 7/31/2019

Trailing Returns (%) Most Recen

1 Month3 MonthsYTD1 Year3 Years5 Years

MVIS CryptoCompare Bitcoin PR USDBitcoin-10.8386.40158.3928.92167.3082.32

S&P 500 TR (1989)S&P 5001.441.6920.247.9913.3611.34

BBgBarc US Agg Bond TR USDUS Bonds0.223.286.358.082.173.05

DJ Cmmdty Gold PR USDGold1.7011.8312.2116.551.932.31

MSCI ACWI PR USDACWI0.17-0.0915.070.878.014.39

Very low correlation with traditional asset classes such as broad market equity indices, bonds and gold

Potential for increased portfolio diversification

Low Correlation with Traditional Asset Classes

13

Source: Morningstar. Data as of July 31, 2019. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; US Real Estate is measured by the MSCI US REIT Index; Oil is measured by the Brent Crude oil spot price, Emerging Market Currencies is measured by the Bloomberg Barclays EM Local Currency Government Index. See disclaimers and index descriptions at the end of this presentation.

Correlation 2/1/2012 to 7/31/2019 S&P 500 US Bonds Bitcoin Gold US Real Estate Oil

Emerging Market Currencies

S&P 500 - -0.28 0.01 -0.04 0.59 0.32 0.29US Bonds -0.28 - 0.03 0.26 0.12 -0.17 0.09Bitcoin 0.01 0.03 - 0.03 0.04 -0.05 -0.01Gold -0.04 0.26 0.03 - 0.07 0.09 0.31US Real Estate 0.59 0.12 0.04 0.07 - 0.12 0.27Oil 0.32 -0.17 -0.05 0.09 0.12 - 0.26Emerging Market Currencies 0.29 0.10 -0.01 0.31 0.27 0.23 -

Correlation Matrix

InvestmentCorrelation 2/1/2012 to 7/31/2019S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currencies

1 S&P 500 TR (1989)S&P 500--0.280.01-0.040.590.320.29

2 BBgBarc US Agg Bond TR USDUS Bonds-0.28-0.030.260.12-0.170.09

3 MVIS CryptoCompare Bitcoin PR USDBitcoin0.010.03-0.030.04-0.05-0.01

4 S&P GSCI Gold SpotGold-0.040.260.03-0.070.090.31

5 MSCI US REIT PR USDUS Real Estate0.590.120.040.07-0.120.27

6 Oil Price Brent Crude PROil0.32-0.17-0.050.090.12-0.26

7 BBgBarc EM Local Currency Govt TR USDEmerging Market Currencies0.290.10-0.010.310.270.23-

Correlation 2/1/2012 to 7/31/2019S&P 500US BondsBitcoinGoldUS Real EstateOilEmerging Market Currencies

S&P 500--0.280.010.330.63-0.040.29

US Bonds-0.28-0.03-0.200.110.270.09

Bitcoin0.010.03--0.050.040.03-0.01

Gold0.33-0.20-0.05-0.160.110.27

US Real Estate0.630.110.040.16-0.070.29

Oil-0.040.270.030.110.07-0.31

Emerging Market Currencies0.290.09-0.010.270.290.31-

Bitcoin may enhance the risk and return reward profile of institutional investment portfolios A small allocation to bitcoin significantly enhanced the cumulative return of a 60% equity and

40% bonds portfolio allocation mix while only minimally impacting its volatility

A Small Bitcoin Allocation May Improve Portfolio Upside

Source: Morningstar. Data ss of 07/31/2019. Please see important disclosures at the end of this presentation.

14

0

50

100

150

200

250

Cumu

lative

Retu

rn %

Assymetric Return Profile2/1/2012 - 7/31/2019

60% EQ / 40% BD 59.75% EQ / 39.75% BD / 0.5% BTC 59.5% EQ / 39.5% BD / 1% BTC

58.5% EQ / 38.5% BD / 3% BTC S&P 500 Bloomberg Barclays US Agg

Cumulative Return Annualized Return Std Dev BetaS&P 500 165.69 13.92 11.17 1.00Bloomberg Barclays US Agg 21.91 2.68 2.85 -0.0360% EQ / 40% BD 97.15 9.47 6.68 0.5959.75% EQ / 39.75% BD / 0.5% BTC 110.56 10.44 6.85 0.6059.5% EQ / 39.5% BD / 1% BTC 124.71 11.40 7.16 0.6158.5% EQ / 38.5% BD / 3% BTC 189.49 15.23 9.39 0.65

As the digital asset industry has matured, Bitcoin decouples from small caps and drives large-cap index performance

Bitcoin to small cap performance difference has been 139% and the large cap to small cap performance difference has been approximately 40% in the past year as illustrated by the below indices

Bitcoin and Large-Caps Decouple From Small-Caps

15

Source: Bloomberg/MVIS, Data as of 07/15/2019. Please see important disclosures at the end of this presentation.

177.01%

78.23%

38.49%

-50%

0%

50%

100%

150%

200%

250%

300%

Cumulative Performance

MVIS CryptoCompare Bitcoin Price MVIS CryptoCompare Digital Assets 10 MVIS CryptoCompare Digital Assets 100 Small-Cap

Bitcoin risks to consider include:

Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering)

Price volatility

Encryption vulnerability; developments in quantum computing (which would increase success of private key hacking; credit cards more vulnerable nevertheless)

Novelty/extreme early stage of many applications

Unintentional coding error

Governance shortcomings

Can miners and developers “run” the “core” software? (Linux is a good example for successful execution)

Ecosystem design

Will payments continue to sustain processing and verification activities

Bitcoin Market Structure Risks

16

State Regulation

‒ Colorado exempts crypto from state securities regulation

‒ Wyoming recognized crypto as property, allows banks to be custodians, enables tokenization

Physically Settled Bitcoin Futures receive regulatory approval

Established custodians enter crypto

Established brokerages to offer spot digital asset trading.

Pension funds and endowments allocate to digital assets.

Global regulators start cracking down on ICOs/unregistered offerings. Bitcoin is different.

ETFs under consideration. VanEck-SolidX proposal is at the top of the pile.

Heavy Momentum in Crypto Developments

17


18

Accelerating Bitcoin Adoption

Bitfinex makes over $400 million1: Top 650 of U.S. companies; Binance in the same range

Liquidity…Bitcoin daily volume over $2 billion2

Bitcoin and crypto became more available to retail investors‒ Swiss Exchange offers crypto trading (no Europe equity exchanges)‒ Robinhood, TD and Etrade offer trading in crypto‒ Etoro, large crypto broker, offers commission-free trading in ETFs‒ Exchange-standard surveillance software implemented by crypto exchanges‒ OTC crypto brokers offer price feed to market through MVIS

CME futures contracts top 25,000 BTC open interest, $350 million notional3

Crypto exchanges use best practices, such as surveillance and accounting software

Exchanges are the target of hackers but can reimburse losses(Binance refunds $40 million in losses from insurance fund)4

Crypto Exchanges are Healthy: Not Going Away

19

1 Bitfinex. Data as of 5/8/20192 Cryptocompare. Data as of 7/10/20193 CME. Data as of 6/24/2019.4 Binance.Please see important disclosures at the end of this presentation.

CME Bitcoin Futures Contract Sets New Trading Record

20

Source: CME Group. Data as of 6/24/2019. Please see important disclosures at the end of this presentation.

1,523

2,405

2,873

3,356

3,822

4,560

0

5,000

10,000

15,000

20,000

25,000

30,000

0

1,000

2,000

3,000

4,000

5,000

6,000

# of E

quiva

lent B

itcoi

n

# of B

TC C

ontra

cts

CME Bitcoin Futures Average Daily Open Interest

Bitcoin Trading is Not Concentrated

21

Source: Bitcoinity. Data as of June 2019.

1 Month 6 Months

Exchange Volume (BTC) Market ShareCoinbase 783K 22.40%Bitfinex 527K 15.07%Kraken 524K 15.00%Bitstamp 416K 11.90%Bit-X 409K 11.68%bitFlyer 272K 7.79%Bithumb 234K 6.69%Others 162K 4.62%Gemini 87K 2.48%BitBay 83K 2.37%

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

bitFly er

BithumbOthers Gemini

BitBay

Coinbase Bitfinex Kraken Bitstamp Bit-xbitFlyer Bithumb Others Gemini BitBay

Exchange Volume (BTC) Market ShareCoinbase 2.80M 19.15%Bitfinex 2.42M 16.55%Kraken 2.21M 15.13%Bitstamp 1.87M 12.80%Bit-X 1.52M 10.37%Others 1.03M 7.02%bitFlyer 1.02M 6.94%Bithumb 934K 6.38%Gemini 475K 3.24%Itbit 345K 2.42%

Coinbase

Bitfinex

KrakenBitstamp

Bit-x

Others

bitFly er

BithumbGemini Itbit

Coinbase Bitfinex Kraken Bitstamp Bit-xOthers bitFlyer Bithumb Gemini Itbit

1 Month Platform market share

Timebit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers

2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%

ExchangeVolume (BTC)Market ShareExchangeVolume (BTC)Market Share

Bitfinex1.80M31.81%Bitfinex1.80m31.81%

Kraken774K13.68%Kraken774k13.68%

Coinbase745K13.17%Coinbase745k13.17%

Bitflyer714K12.63%Bitflyer714k12.63%

Bitstamp626K11.07%Bitstamp626k11.07%

Others328K5.80%Others328k5.80%

Gemini224K3.97%Gemini224k3.97%

Hitbtc193K3.42%Hitbtc193k3.42%

Bit-x151K2.67%Bit-x151k2.67%

Itbit101K1.78%Itbit101k1.78%

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcitbitkrakenothers2.6700000000000002E-20.318099999999999990.12630.110700000000000010.131700000000000013.9699999999999999E-23.4200000000000001E-21.78E-20.13685.8000000000000003E-2


1 Month Market Share 6-30-18

TimeBitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini

27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%


Bitfinex1.80M31.81%Bitfinex683k27.83%

Kraken774K13.68%Bitstamp270k11.01%


Bitflyer714K12.63%Kraken261k10.62%

Bitstamp626K11.07%Hitbtc254k10.37%

Others328K5.80%Bitflyer221k9.02%

Gemini224K3.97%Others166k6.76%

Hitbtc193K3.42%Bit-X139k5.66%

Bit-x151K2.67%Itbit99.5k4.05%

Itbit101K1.78%Gemini93.7k3.82%

BitfinexBitstampCoinbaseKrakenHitbtcBitflyerOthersBit-XItbitGemini0.278299999999999990.11010.10860.10620.10379.0200000000000002E-26.7599999999999993E-25.6599999999999998E-24.0500000000000001E-23.8199999999999998E-2



TimeBitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay

20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%

ExchangeVolume (BTC)Market Share

20.27%Bitfinex352k20.27%

17.45%Coinbase303k17.45%

15.34%Kraken266k15.34%

14.66%Bitstamp255k14.66%

10.48%Bit-X182k10.48%

6.95%Bitflyer121k6.95%

5.65%Others98.2k5.65%

4.00%Gemini69.5k4.00%

3.08%Itbit53.4k3.08%

2.13%Bitbay37.0k2.12%

BitfinexCoinbaseKrakenBitstampBit-XBitflyerOthersGeminiItbitBitbay0.202699999999999990.174499999999999990.153400000000000010.146600000000000010.10486.9500000000000006E-25.6500000000000002E-20.043.0800000000000001E-22.12E-2


6 Mo Market Share 2-28-19

TimeBitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay

22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%


Bitfinex3.56m22.12%

Bitfinex22.12%Bit-x2.94m18.28%

Bit-x18.28%Coinbase2.20m13.63%

Coinbase13.63%Kraken2.04m12.66%

Kraken12.66%Bitstamp1.69m10.47%

Bitstamp10.47%Bitflyer1.19m7.41%

Bitflyer7.41%Others917k5.69%

Others5.69%Itbit710k4.41%

Itbit4.41%Gemini619k3.84%

Gemini3.84%Bitbay239k1.49%

Bitbay1.49%

BitfinexBit-xCoinbaseKrakenBitstampBitflyerOthersItbitGeminiBitbay0.221200000000000010.182799999999999990.13630.126599999999999990.10477.4099999999999999E-25.6899999999999999E-24.41E-23.8399999999999997E-21.49E-2


1 Mo Market Share 6302019

TimeCoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay

22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%


Coinbase783K22.40%Coinbase783K22.40%

Bitfinex527K15.07%Bitfinex527K15.07%

Kraken524K15.00%Kraken524K15.00%

Bitstamp416K11.90%Bitstamp416K11.90%

Bit-X409K11.68%Bit-X409K11.68%

bitFlyer272K7.79%bitFlyer272K7.79%

Bithumb234K6.69%Bithumb234K6.69%

Others162K4.62%Others162K4.62%

Gemini87K2.48%Gemini87K2.48%

BitBay83K2.37%BitBay83K2.37%

CoinbaseBitfinexKrakenBitstampBit-xbitFlyerBithumbOthersGeminiBitBay0.2240.15070.150.118999999999999990.11687.7899999999999997E-26.6900000000000001E-24.6199999999999998E-22.4799999999999999E-22.3699999999999999E-2


Sheet1

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers

2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%


Bitfinex10.9m32.29%

Coinbase5.07m14.99%

Bitflyer1.15m12.27%

Bitstamp3.69m10.90%

Kraken3.14m9.27%

Others2.48m7.33%

Gemini1.60m4.74%

Hitbtc1.12m3.30%

Korbit849k2.51%

Bit-x813k2.40%

bit-xbitfinexbitflyerbitstampcoinbasegeminihitbtcKorbitkrakenothers2.4E-20.322900000000000020.12270.1090.149900000000000014.7399999999999998E-23.3000000000000002E-22.5100000000000001E-29.2700000000000005E-27.3300000000000004E-2


BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit

30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%


Bitfinex7.81m30.17%

Coinbase3.47m13.38%

Bitflyer3.22m12.42%

Kraken3.00m11.60%

Bitstamp2.95m11.37%

Others1.66m6.41%

Hitbtc1.25m4.82%

Gemini1.04m4.02%

Bit-X848k3.27%

Itbit661k2.55%

BitfinexCoinbaseBitflyerKrakenBitstampOthersHitbtcGeminiBit-XItbit0.301700000000000020.13380.12420.116000000000000010.11376.4100000000000004E-24.82E-24.02E-23.27E-22.5499999999999998E-2

Chart1





2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%










Bit-x151K2.67%Bit-x151k2.67%






27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%










Bit-x151K2.67%Itbit99.5k4.05%






20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%


20.27%Bitfinex352k20.27%

17.45%Coinbase303k17.45%

15.34%Kraken266k15.34%

14.66%Bitstamp255k14.66%

10.48%Bit-X182k10.48%


5.65%Others98.2k5.65%

4.00%Gemini69.5k4.00%

3.08%Itbit53.4k3.08%

2.13%Bitbay37.0k2.12%





22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%


Bitfinex3.56m22.12%










Bitbay1.49%





22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%






Bit-X409K11.68%Bit-X409K11.68%








Sheet1


2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%


Bitfinex10.9m32.29%

Coinbase5.07m14.99%

Bitflyer1.15m12.27%

Bitstamp3.69m10.90%

Kraken3.14m9.27%

Others2.48m7.33%

Gemini1.60m4.74%

Hitbtc1.12m3.30%

Korbit849k2.51%

Bit-x813k2.40%




30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%


Bitfinex7.81m30.17%

Coinbase3.47m13.38%

Bitflyer3.22m12.42%

Kraken3.00m11.60%

Bitstamp2.95m11.37%

Others1.66m6.41%

Hitbtc1.25m4.82%

Gemini1.04m4.02%

Bit-X848k3.27%

Itbit661k2.55%




2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%










Bit-x151K2.67%Bit-x151k2.67%






27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%










Bit-x151K2.67%Itbit99.5k4.05%






20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%


20.27%Bitfinex352k20.27%

17.45%Coinbase303k17.45%

15.34%Kraken266k15.34%

14.66%Bitstamp255k14.66%

10.48%Bit-X182k10.48%


5.65%Others98.2k5.65%

4.00%Gemini69.5k4.00%

3.08%Itbit53.4k3.08%

2.13%Bitbay37.0k2.12%





22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%


Bitfinex3.56m22.12%










Bitbay1.49%





22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%






Bit-X409K11.68%Bit-X409K11.68%









TimeCoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit

19.15%16.55%15.13%12.80%10.37%7.02%6.94%6.38%3.24%2.42%


Coinbase2.80M19.15%Coinbase2.80M19.15%

Bitfinex2.42M16.55%Bitfinex2.42M16.55%

Kraken2.21M15.13%Kraken2.21M15.13%

Bitstamp1.87M12.80%Bitstamp1.87M12.80%

Bit-X1.52M10.37%Bit-X1.52M10.37%

Others1.03M7.02%Others1.03M7.02%

bitFlyer1.02M6.94%bitFlyer1.02M6.94%



Itbit345K2.42%Itbit345K2.42%



Sheet1


2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%


Bitfinex10.9m32.29%

Coinbase5.07m14.99%

Bitflyer1.15m12.27%

Bitstamp3.69m10.90%

Kraken3.14m9.27%

Others2.48m7.33%

Gemini1.60m4.74%

Hitbtc1.12m3.30%

Korbit849k2.51%

Bit-x813k2.40%




30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%


Bitfinex7.81m30.17%

Coinbase3.47m13.38%

Bitflyer3.22m12.42%

Kraken3.00m11.60%

Bitstamp2.95m11.37%

Others1.66m6.41%

Hitbtc1.25m4.82%

Gemini1.04m4.02%

Bit-X848k3.27%

Itbit661k2.55%


Chart2

CoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit0.19150.165500000000000010.151299999999999990.1280.10377.0199999999999999E-26.9400000000000003E-26.3799999999999996E-23.2399999999999998E-22.4199999999999999E-2




2.67%31.81%12.63%11.07%13.17%3.97%3.42%1.78%13.68%5.80%










Bit-x151K2.67%Bit-x151k2.67%






27.83%11.01%10.86%10.62%10.37%9.02%6.76%5.66%4.05%3.82%










Bit-x151K2.67%Itbit99.5k4.05%






20.27%17.45%15.34%14.66%10.48%6.95%5.65%4.00%3.08%2.12%


20.27%Bitfinex352k20.27%

17.45%Coinbase303k17.45%

15.34%Kraken266k15.34%

14.66%Bitstamp255k14.66%

10.48%Bit-X182k10.48%


5.65%Others98.2k5.65%

4.00%Gemini69.5k4.00%

3.08%Itbit53.4k3.08%

2.13%Bitbay37.0k2.12%





22.12%18.28%13.63%12.66%10.47%7.41%5.69%4.41%3.84%1.49%


Bitfinex3.56m22.12%










Bitbay1.49%





22.40%15.07%15.00%11.90%11.68%7.79%6.69%4.62%2.48%2.37%






Bit-X409K11.68%Bit-X409K11.68%









TimeCoinbaseBitfinexKrakenBitstampBit-xOthersbitFlyerBithumbGeminiItbit

19.15%16.55%15.13%12.80%10.37%7.02%6.94%6.38%3.24%2.42%


Coinbase2.80M19.15%Coinbase2.80M19.15%

Bitfinex2.42M16.55%Bitfinex2.42M16.55%

Kraken2.21M15.13%Kraken2.21M15.13%

Bitstamp1.87M12.80%Bitstamp1.87M12.80%

Bit-X1.52M10.37%Bit-X1.52M10.37%

Others1.03M7.02%Others1.03M7.02%

bitFlyer1.02M6.94%bitFlyer1.02M6.94%



Itbit345K2.42%Itbit345K2.42%



Sheet1


2.40%32.29%12.27%10.90%14.99%4.74%3.30%2.51%9.27%7.33%


Bitfinex10.9m32.29%

Coinbase5.07m14.99%

Bitflyer1.15m12.27%

Bitstamp3.69m10.90%

Kraken3.14m9.27%

Others2.48m7.33%

Gemini1.60m4.74%

Hitbtc1.12m3.30%

Korbit849k2.51%

Bit-x813k2.40%




30.17%13.38%12.42%11.60%11.37%6.41%4.82%4.02%3.27%2.55%


Bitfinex7.81m30.17%

Coinbase3.47m13.38%

Bitflyer3.22m12.42%

Kraken3.00m11.60%

Bitstamp2.95m11.37%

Others1.66m6.41%

Hitbtc1.25m4.82%

Gemini1.04m4.02%

Bit-X848k3.27%

Itbit661k2.55%


2.1%

14.7%

25.1%

20.2%

24.7%

8.6%

3.5%0.9% 0.1% 0.0%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

% BT

C Ow

ned

in V

ario

us W

allet

Ran

ges

100,000 - 1,000,000 10,000 - 100,000 1,000 - 10,000 100 - 1,000 10 - 100 1.0-10 0.1 - 1 0.01 - 0.1 0.001 - 0.01 0 - 0.001

Caveat Multiple wallets per person Digital asset exchange wallets

represent bitcoin holdings of multiple persons

Bitcoin Ownership Seems Well Distributed/Not Concentrated

22

Source: Bitcoin Blockchain; as of July 2019.

Amount BTC Owned

Number of Wallets

Amount USD Owned Total % Owned

Cumultative % Owned

100,000 - 1,000,000 3 4,059,989,007 2.1% 2.1%10,000 - 100,000 115 27,920,455,571 14.7% 16.8%

1,000 - 10,000 1857 47,829,664,968 25.1% 42.0%100 - 1,000 14199 38,479,936,713 20.2% 62.2%

10 - 100 134694 47,043,087,453 24.7% 86.9%1.0-10 585866 16,378,291,621 8.6% 95.5%0.1 - 1 1971924 6,613,595,738 3.5% 99.0%

0.01 - 0.1 4667132 1,644,668,550 0.9% 99.9%0.001 - 0.01 5968069 258,169,639 0.1% 100.0%

0 - 0.001 12806108 27,379,675 0.0% 100.0%

Chart1

100,000 - 1,000,000

10,000 - 100,0002.1299999999999999E-210,000 - 100,000

10,000 - 100,0000.146800000000000011,000 - 10,000

10,000 - 100,0000.25140000000000001100 - 1,000

10,000 - 100,0000.2023000000000000110 - 100

0.247299999999999991.0-10

8.6099999999999996E-20.1 - 1

3.4799999999999998E-20.01 - 0.1

8.6E-30.001 - 0.01

1.4E-30 - 0.001

1E-4

% BTC Owned in Various Wallet Ranges

Bitcoin Ownership

data fromhttps://bitinfocharts.com/top-100-richest-bitcoin-addresses.

data as of 3/13/2019

Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned

100,000 - 1,000,00052,218,916,9423.3%3.3%

10,000 - 100,0001018,711,437,68012.8%16.0%

1,000 - 10,000177217,033,928,87125.0%41.0%

100 - 1,0001462414,338,235,58221.0%62.0%

10 - 10013478317,095,952,09025.1%87.1%

1.0-105775555,881,026,9798.6%95.7%

0.1 - 118621192,299,202,5993.4%99.1%

0.01 - 0.14256030543,244,4720.8%99.9%

0.001 - 0.01527274083,467,1800.1%100.0%

0 - 0.001113686438,868,0270.0%100.0%

Bitcoin distribution

Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned% Coins (Total)

10100,000 - 1,000,00052,218,916,9423.3%3.3%3.25% (3.25%)

910,000 - 100,0001018,711,437,68012.8%16.0%12.77% (16.02%)

81,000 - 10,000177217,033,928,87125.0%41.0%24.97% (40.99%)

7100 - 1,0001462414,338,235,58221.0%62.0%21.02% (62.01%)

610 - 10013478317,095,952,09025.1%87.1%25.06% (87.08%)

51.0-105775555,881,026,9798.6%95.7%8.62% (95.7%)

40.1 - 118621192,299,202,5993.4%99.1%3.37% (99.07%)

30.01 - 0.14256030543,244,4720.8%99.9%0.8% (99.86%)

20.001 - 0.01527274083,467,1800.1%100.0%0.12% (99.99%)

10 - 0.001113686438,868,0270.0%100.0%0.01% (100%)

100,000 - 1,000,000

10,000 - 100,0003.2500000000000001E-210,000 - 100,000

10,000 - 100,0000.127700000000000011,000 - 10,000

10,000 - 100,0000.24970000000000001100 - 1,000

10,000 - 100,0000.210210 - 100

0.250599999999999991.0-10

8.6199999999999999E-20.1 - 1

3.3700000000000001E-20.01 - 0.1

8.0000000000000002E-30.001 - 0.01

1.1999999999999999E-30 - 0.001

1E-4


https://bitinfocharts.com/top-100-richest-bitcoin-addresses.

Sheet1

data fromhttps://bitinfocharts.com/top-100-richest-bitcoin-addresses.

data as of 3/13/2019

Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned

100,000 - 1,000,00034,059,989,0072.1%2.1%

10,000 - 100,00011527,920,455,57114.7%16.8%

1,000 - 10,000185747,829,664,96825.1%42.0%

100 - 1,0001419938,479,936,71320.2%62.2%

10 - 10013469447,043,087,45324.7%86.9%

1.0-1058586616,378,291,6218.6%95.5%

0.1 - 119719246,613,595,7383.5%99.0%

0.01 - 0.146671321,644,668,5500.9%99.9%

0.001 - 0.015968069258,169,6390.1%100.0%

0 - 0.0011280610827,379,6750.0%100.0%

Bitcoin distribution

Amount BTC OwnedNumber of WalletsAmount USD OwnedTotal % OwnedCumultative % Owned% Coins (Total)

10100,000 - 1,000,00034,059,989,0072.1%2.1%2.13% (2.13%)

910,000 - 100,00011527,920,455,57114.7%16.8%14.68% (16.81%)

81,000 - 10,000185747,829,664,96825.1%42.0%25.14% (41.95%)

7100 - 1,0001419938,479,936,71320.2%62.2%20.23% (62.17%)

610 - 10013469447,043,087,45324.7%86.9%24.73% (86.9%)

51.0-1058586616,378,291,6218.6%95.5%8.61% (95.51%)

40.1 - 119719246,613,595,7383.5%99.0%3.48% (98.99%)

30.01 - 0.146671321,644,668,5500.9%99.9%0.86% (99.85%)

20.001 - 0.015968069258,169,6390.1%100.0%0.14% (99.99%)

10 - 0.0011280610827,379,6750.0%100.0%0.01% (100%)

BalanceAddresses% Addresses (Total)Coins$USD% Coins (Total)

10[100,000 - 1,000,000)30% (0%)379,653 BTC4,059,989,0072.13% (2.13%)

9[10,000 - 100,000)1150% (0%)2,610,868 BTC27,920,455,57114.68% (16.81%)

8[1,000 - 10,000)18570.01% (0.01%)4,472,596 BTC47,829,664,96825.14% (41.95%)

7[100 - 1,000)141990.05% (0.06%)3,598,295 BTC38,479,936,71320.23% (62.17%)

6[10 - 100)1346940.52% (0.58%)4,399,043 BTC47,043,087,45324.73% (86.9%)

5[1 - 10)5858662.24% (2.82%)1,531,549 BTC16,378,291,6218.61% (95.51%)

4[0.1 - 1)19719247.54% (10.36%)618,443 BTC6,613,595,7383.48% (98.99%)

3[0.01 - 0.1)466713217.85% (28.21%)153,794 BTC1,644,668,5500.86% (99.85%)

2[0.001 - 0.01)596806922.82% (51.03%)24,142 BTC258,169,6390.14% (99.99%)

1(0 - 0.001)1280610848.97% (100%)2,560 BTC27,379,6750.01% (100%)

100,000 - 1,000,000

10,000 - 100,0002.1299999999999999E-210,000 - 100,000

10,000 - 100,0000.146800000000000011,000 - 10,000

10,000 - 100,0000.25140000000000001100 - 1,000

10,000 - 100,0000.2023000000000000110 - 100

0.247299999999999991.0-10

8.6099999999999996E-20.1 - 1

3.4799999999999998E-20.01 - 0.1

8.6E-30.001 - 0.01

1.4E-30 - 0.001

1E-4


https://bitinfocharts.com/top-100-richest-bitcoin-addresses.

Pie Chart

Time

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the investment case for bitcoin - vaneck · the below stock to flow data suggest that bitcoin may...

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