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State of Bitcoin Q2 2014

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State of Bitcoin Q2 2014 Presented 10th July 2014 at CoinSummit London 1 State of Bitcoin Q2 2014


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Contents Summary Price and Valuation Media Ecosystem and VC Investment Commerce Technology Emerging Markets and Macro 2 State of Bitcoin Q2 2014


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About CoinDesk World leader in digital currency news, prices and information Our Bitcoin Price Index serves as an industry reference point London-based and remote team with a global focus Our editors are based in London, Boston, San Francisco, and Tokyo 3 State of Bitcoin Q2 2014


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Q2 2014 Summary 4 State of Bitcoin Q2 2014 Stories mentioning ‘bitcoin’ in the mainstream media rose 439% from 2012/13 to 2013/14 Bitcoin’s price has bounced back: up 39.4% from end of Q1 but still down 16% from start of year Approximately 63,000 business now accept bitcoin; 5.3m total wallets Regulatory environment continues to see positives (eg California) and setbacks (eg Bolivia) Larger, more established consumer brands are adopting bitcoin (eg Dish, Expedia) All-time bitcoin VC investment of $240m; 2014 run rate of $280m+


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Key Bitcoin Adoption Metrics 5 State of Bitcoin Q2 2014


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6 State of Bitcoin Q2 2014 Price and Valuation


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Four of the Most Popular CoinDesk News Stories in Q2 2014 About Bitcoin’s Price 7 State of Bitcoin Q2 2014


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CoinDesk Bitcoin Price Index – Q2 & YTD 2014 by the Numbers 8 State of Bitcoin Q2 2014 Source: CoinDesk Bitcoin Price Index, daily data collected at 00:00 UTC


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Significant Bitcoin Events and Price Response – Q2 2014 9 State of Bitcoin Q2 2014 15 May Bitcoin 2014 conference in Amsterdam 5 Jun 29 May DISH becomes largest company to accept bitcoin 2 Jun Apple App Store allows bitcoin apps 13 May BitPay announces largest bitcoin VC round to date ($30m) All-time bitcoin VC investment > $200m 11 Jun Expedia announces it will accept bitcoin 27 Jun FBI announces auction of Silk Road bitcoins 11 Apr PBOC official says China will not ban bitcoin Source: CoinDesk Bitcoin Price Index daily closing price (taken at 00:00 UTC)


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If Recent Bitcoin Price Trends Continue Following Historical Pattern, Then Further Upside is Anticipated 10 State of Bitcoin Q2 2014 Source: Pantera Capital


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Bitcoin’s Price is Now on Yahoo Finance, Google Finance and Bloomberg 11 State of Bitcoin Q2 2014


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Bitcoin Now Represents 93.4% of Total Cryptocurrency Market Cap, +3.4% Change from 16th April 12 State of Bitcoin Q2 2014 Source: CoinMarketCap.com 1 July 2014 Market capitalizations: $8.5bn – bitcoin (? of +31% from 16th April) $9.1bn – all cryptocurrencies (? of +28% from 16th April) Bitcoin market cap 35x larger than litecoin, up from 18x two months ago


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The Timing and Scale of Bitcoin’s Disruptive Potential “Bitcoin-related technologies will disrupt payments markets and other trust-based markets within the next few years and for decades to follow.” “US bank fees generate $250 billion a year and global payments-related revenues exceed $300 billion a year.” “We also see an emerging bitcoin opportunity within the Internet of Things.” 13 State of Bitcoin Q2 2014 Gil Luria Wedbush Securities


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Fees and Other Financial Services Costs That Could be Impacted by Bitcoin Payment processing Deposit Withdrawal/Overdraft Foreign exchange Float Transfer/Wire Title insurance Exchange trading Escrow Trust management Collections Notary 14 State of Bitcoin Q2 2014 Source: Wedbush Securities, CoinDesk


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$3.4 Trillion, or 21% of US GDP From Trust-Based Service Sectors Could be Impacted 15 State of Bitcoin Q2 2014


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Total Potential Market Cap Disrupted by Bitcoin of $546bn 16 State of Bitcoin Q2 2014 Source: Wedbush Securities, CoinDesk Market Caps (millions) as of 1st July 2014


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17 State of Bitcoin Q2 2014 Media


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Selection of Q2’s Biggest Bitcoin Stories 18 State of Bitcoin Q2 2014 Tim Draper successfully bids on 30,000 BTC at Silk Road bitcoin auction Apple’s App Store allows return of bitcoin apps More seasoned entrepreneurs set their sights on bitcoin [Halsey Minor pictured] Scale of bitcoin VC investment tracking the early Internet


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Accelerating Mainstream Media Interest in Bitcoin 19 State of Bitcoin Q2 2014 Source: Respective publishers’ websites. Date range used is 1st June to 31st May.


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“Bitcoin” is the 89th Most Heavily Trafficked Wikipedia Page, 889k Views in Last 90 Days 20 State of Bitcoin Q2 2014 Source: Wikipedia 1st July 2014


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Google Search Interest in “bitcoin” During Q2 Has Remained Relatively Constant 21 State of Bitcoin Q2 2014 Source: Google Trends


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Some Intellectuals Remain Skeptical, While Others Recognize Bitcoin’s Potential 22 State of Bitcoin Q2 2014 Niall Ferguson “It would be unwise to assume, as some do, that it poses no challenge at all.” Larry Summers “I think bitcoin has the potential to be a very, very important development.” Ken Rogoff “Not a currency; it isn’t going to be a currency.”


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23 State of Bitcoin Q2 2014 Ecosystem and VC Investment


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Two Biggest Bitcoin VC Deals in Q2 24 State of Bitcoin Q2 2014 $30m $20m (Series A) May 2014 (Series A) May 2014 Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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BitPay’s $30m Round was the Largest Bitcoin VC Deal to Date More than 30,000 total merchants As of January 2014, adding more than 1,000 merchants to its network each week Processing $1m in bitcoin payments every day Processed more than $100m in bitcoin payments in 2013 Most recent VC round valued BitPay at $160m 25 State of Bitcoin Q2 2014


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Bitcoin Venture Capital Investment Accelerated in Q2, Up 28% QoQ 26 State of Bitcoin Q2 2014 $240m $57m Q1 2014 bitcoin VC investment: $73m Q2 2014 bitcoin VC investment: Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/) *Note: Q2 figure excludes recent July deals (eg Xapo $20 million) but all-time figure of $240m includes these deals.


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2014 VC Investment in Bitcoin Overtaking VC Early-Stage Internet Investments 27 State of Bitcoin Q2 2014 Source: CoinDesk, PriceWaterhouse


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8 Startups With ?$10m VC Funding; 22 Startups ?$1m 28 State of Bitcoin Q2 2014 Total Funding (millions) *Note: excludes companies with less than $1 million in publicly announced VC funding. Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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2014 YTD Investment in Bitcoin Startups of $150m 29 State of Bitcoin Q2 2014 Recently Announced Investment Rounds Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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2014 YTD Investment in Bitcoin Startups of $150m 30 State of Bitcoin Q2 2014 Recently Announced Investment Rounds Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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2014 YTD Bitcoin VC Investments (contd.) 31 State of Bitcoin Q2 2014 Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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2014 YTD Bitcoin VC investments (contd.) 32 State of Bitcoin Q2 2014 Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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Europe Passed Asia in Total Bitcoin VC Investment in Q2, Both Still Lag North America 33 State of Bitcoin Q2 2014 No. of Companies $ Invested Over a quarter of VC-backed bitcoin companies are based in Asia 78% of all bitcoin VC $s have been invested in North America to date, but only 61% of the companies are based there Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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US Continues to Dominate Bitcoin VC Investment, Total Share Increased in Q2 34 State of Bitcoin Q2 2014 No. of Companies $ Invested Mexico, Holland and Argentina added their first VC-backed bitcoin startups in Q2 Greatest number of VC-backed bitcoin companies are in the US and China Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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Silicon Valley’s Share of Bitcoin VC Investment Climbed Slightly From 46% in Q1 to 48% 35 State of Bitcoin Q2 2014 63% of VC-backed bitcoin companies are based outside Silicon Valley, but have just over one-third of all bitcoin funding $ Invested No. of Companies Source: CoinDesk (http://www.coindesk.com/bitcoin-venture-capital/)


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Investor Views on Bitcoin 36 State of Bitcoin Q2 2014 Just like the Internet disrupted the publishing industry, we’re going to see bitcoin micropayments creating some very interesting opportunities for pay-as-you-go, pay-based-on-time online businesses, and, frankly, some risks as well to the traditional business model as to how things get sold online. “ On the question of whether bitcoin will replace money, a good analogy is the postal service and email. Email didn’t replace traditional mail, and we still send the same amount of mail today as we did before. But today we have totally new ways of communicating – chat, text, Facebook – things we didn’t imagine when the Internet first arrived. Dan Morehead Pantera Capital Management “ “ ” ” Source: CoinDesk, Absolute Return Barry Silbert SecondMarket, Bitcoin Investment Trust


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The Bitcoin Startup Ecosystem: Six Different Bitcoin Company Classifcations 37 State of Bitcoin Q2 2014


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Universals Command the Most VC Investment 38 State of Bitcoin Q2 2014 Payment Processor (5.3x), Wallet (2.5x), Mining (2.2x) and Financial Services (1.5x) saw the largest Q1 over Q2 investment increase $ Invested No. of Companies Source: CoinDesk, Dow Jones VentureSource, VentureScanner.com


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The Emergence of the Universal Bitcoin Company 39 State of Bitcoin Q2 2014 Universals operate across more than one aspect of the bitcoin value chain (eg Coinplug offers payment processing, wallet, and ATM) Universal bitcoin companies leverage two key elements of financial services: efficiency and trust It’s possible that more and more bitcoin startups will pursue the universal model, be absorbed by universals, or fade away Universal


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40 State of Bitcoin Q2 2014 Commerce


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New Applications and Services Announced in Q2 Are Making Bitcoin Easier to Use and Trust 41 State of Bitcoin Q2 2014 Insured bitcoin wallets Bitcoin-linked debit cards Transparent balance sheet


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Total Wallets Forecasted Wallets Approximately 8 Million Bitcoin Wallets Forecasted by Dec 2014 42 State of Bitcoin Q2 2014 R2 = 0.9365 Sources and notes: total wallets based on data from Blockchain.info, MultiBit.org, Coinbase, Andreas Schildbach (Android Bitcoin Wallet developer). Historical Coinbase data provided by BitcoinPulse.com.


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Approx. 63,000 Merchants Now Accept Bitcoin, Vast Majority Are Online Businesses 43 State of Bitcoin Q2 2014 $13.9 billion annual revenue $2.8 billion annual revenue $5 billion annual revenue Source: Coinbase and BitPay


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Total Merchants Forecasted Merchants Approximately 100k Bitcoin-Accepting Merchants Forecasted by Dec 2014 44 State of Bitcoin Q2 2014 R2 = 0.9704 Sources and notes: total current merchants based on data from Coinbase and BitPay. Historical Coinbase data provided by BitcoinPulse.com. BitPay historical data between new merchant press release announcements of 10,000 (16th Sept 2013), 20,000 (13th Jan 2014) and 30,000 (28th May 2014), respectively, calculated using linear interpolation.


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Bitcoin ATM Deployments Gained Pace in Q2 2014 … 45 State of Bitcoin Q2 2014 Source: CoinDesk


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… Now Over 100 Bitcoin ATMs Around the World 46 State of Bitcoin Q2 2014 Source: CoinDesk.com


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47 State of Bitcoin Q2 2014 Technology


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Bitcoin Developer Ecosystem Grows 48 State of Bitcoin Q2 2014 Developers continue to remain highly engaged with bitcoin projects Source: BitcoinPulse.com


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There Are Now Approximately 340 Bitcoin iOS Apps … 49 State of Bitcoin Q2 2014


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… and 250 Bitcoin Apps on Android 50 State of Bitcoin Q2 2014


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51 State of Bitcoin Q2 2014 Emerging Markets and Macro


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Bitcoin is 4,000x Cheaper Than a Typical Remittance Transaction 52 State of Bitcoin Q2 2014 Remittances: Average global remittance fee of 8.14% per $200 ($16.28) Bitcoin: Median transaction fee is $0.004 Remittances vs. bitcoin: Bitcoin is 4,070 times cheaper on a $200 transaction Source: World Bank Remittance Prices Worldwide; Blockchain.info


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Emerging Markets Love Mobile Money 53 State of Bitcoin Q2 2014 74% of Kenya’s adult population uses M-Pesa and other mobile money services Sources: GSM Association, Simone di Castri and Lara Gidvani


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Bitcoin Dwarfed by Global Illicit Markets 54 State of Bitcoin Q2 2014 Source: Global Financial Integrity, FBI. Full chart: http://cf.datawrapper.de/Gc83O/4/


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Bitcoin’s Regulatory Environment is Stabilizing and Trending Toward the Positive Recently released minutes from a Federal Reserve Advisory Council and Board of Governors meeting suggest that “banking could participate increasingly in bitcoin fund flows, especially as multicurrency accounts proliferate and reputational concerns subside”. “The Advisory Committee can't dictate policy, but the minutes can shed light on what Fed policy might look like in the future.” [CNN] “A task force of US state regulators is working on the first bitcoin rule book with the hope of protecting users of virtual currency from fraud without smothering the fledgling technology. Bitcoin users currently face a range of rules across the 50 states.” [Reuters] 55 State of Bitcoin Q2 2014


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Bitcoin Continues to See Regulatory Gains and Setbacks, But Overall Regulation Has Slowed 56 State of Bitcoin Q2 2014 California legalized bitcoin in June 2014 Bolivia made bitcoin and other cryptocurrencies illegal in May 2014


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Keeping Mt. Gox in Perspective 57 State of Bitcoin Q2 2014 Source: Baseline Scenario $8.9bn fine


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Appendix - CoinDesk Find out more at www.coindesk.com Follow us on Twitter: @coindesk Subscribe to our daily email newsletters for the latest digital currency news If you have data you think should be included in future State of Bitcoin reports, email stateofbitcoin@coindesk.com We also welcome any feedback you have on the report 58 State of Bitcoin Q2 2014


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Disclaimer CoinDesk makes every effort to ensure that the information in this presentation is accurate and up to date. We cannot, however, accept responsibility for any loss or inconvenience caused by reliance on the material contained here. This presentation does not constitute financial advice or an investment recommendation in any way whatsoever. It is recommended that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions. 59 State of Bitcoin Q2 2014


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