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State of Bitcoin Q1 2014
24 April 2014
Contents
1. Summary
2. Price and Valuation
3. Media
4. Ecosystem and VC Investment
5. Commerce
6. Regulation and Macro
Sta...
About CoinDesk
• World leader in digital currency news, prices and information
• Our Bitcoin Price Index serves as an indu...
Signs of industry consolidation, eg
concentration of exchange trading,
growth of „universal‟ business model
Q1 2014 Summar...
Price and Valuation
5State of Bitcoin Q1 2014
Q1 2014 Open
24 April 2014 $480.63
2014 YTD % Δ
2014 YTD High (6 Jan)
CoinDesk Bitcoin Price Index -
2014 YTD by the Numbe...
$400
$500
$600
$700
$800
$900
$1,000
Significant Bitcoin Events and Price
Response - 2014 YTD
Source: CoinDesk Bitcoin Pri...
Expectations Surrounding Bitcoin May
Have Gone Too Far, Too Fast
Technology hype cycle
Source: Gartner
“Bitcoin is a long ...
Bitcoin Now Represents 90% of Total Cryptocurrency
Market Cap, Up From 76% Two Months Ago
Source: CoinMarketCap.com 16 Apr...
Bitcoin Aiming to Disrupt $459bn+ Total Market Cap
Source: CoinDesk, Wedbush Securities
Processors Market Cap
Visa Inc $10...
Large Financial Institutional Interest in Bitcoin
Continues to Grow
“Bitcoin needs banks to
grow. I am more
interested in ...
Media
12State of Bitcoin Q1 2014
While the Biggest Q1 2014 Bitcoin Media Headlines
Focused on Mt. Gox‟s Demise and Gossip …
13State of Bitcoin Q1 2014
… There Were Many Other Q1 Bitcoin Headlines of Note
eBay Adds New „Virtual Currency‟
Category to US Site
Chicago Sun-Time...
YTD Search Interest in „bitcoin‟ Spiked Around
Mt. Gox‟s Closure
Late-Feb. 2014
Source: Google Trends
Late-Nov. 2013
15Sta...
Some Bitcoin Growth Projections Have Been
Adjusted Downwards
Source: The Social+Capital Partnership
16State of Bitcoin Q1 ...
Ecosystem and VC
Investment
17State of Bitcoin Q1 2014
$20M $17M
Two Biggest Bitcoin VC Deals in Q1
(Series B) March 2014(Series A) March 2014
18State of Bitcoin Q1 2014
$154M $25M
Total VC investment
in cryptocurrency
startups of:
Bitcoin Venture Capital Investment Summary
Largest VC deal t...
Source: CoinDesk, Dow Jones VentureSource, VentureScanner.com
2014 run rate of $200M, which is 2x the 2013 total investmen...
2014 YTD VC Investments (contd.)
Close
Date
Company Round Size ($m) Select Investors Headquartered
Mar-14
Circle Internet
...
2014 VC Investment in Bitcoin is Tracking
1995 VC Investment in Early-Stage Internet
*Includes first sequence venture deal...
Regions
Value
($m)
No. of
companies
Asia 25.4 11
Europe 15.6 4
N. America 113.3 25
Total $154.3 40
No. of Companies$ Inves...
China 12%
Singapore
4%
South
Korea 1%
United
Kingdom
10%
United
States 73%
No. of Companies$ Invested
US Continues to Domi...
Silicon Valley vs Rest of the World
Tech hub
concentration
Value
($m)
No. of
companies
Silicon Valley 71.1 15
Rest of Worl...
We‟ve got to flush out all the has-beens and also-rans. There‟s a
bunch of amateur-hour bullshit in the bitcoin ecosystem....
Bitcoin Companies Can be Grouped into
Six Categories
Mining hardware
Universal
Wallets
ExchangesPayment processors
Mining ...
Payment
Processor
5%
Exchange
24%
Financial
Services
15%
Mining
Hardware
8%
Universal
35%
Wallet
13%
Sector
Value
($m)
No....
Source: Chris Dixon
The Broader Bitcoin-Related Ecosystem
Can be Grouped into Four Categories
Protocol
extensions
Eg
maste...
To me, [bitcoin apps, services and protocol extensions] are
probably the most interesting. If there is one thing we‟ve lea...
Commerce
31State of Bitcoin Q1 2014
Source: Coinbase and BitPay
Approx. 60,000 Merchants Now Accept Bitcoin, the
Vast Majority of Which are Online Businesses
...
Source: CoinMap.org April 2014 (excludes uncategorized merchants). Chart created with DataWrapper.
Food Establishments are...
Bitcoin ATM Deployments Gained Pace in Q1 2014
Source: Bitcoinatmmap.com
34State of Bitcoin Q1 2014
ATMs are Making Bitcoin More Accessible
Source: Tomas Forgac, CoinDesk
35State of Bitcoin Q1 2014
North
America
44%
Europe
41%
South Asia
/ Australia
6%
South
America
5%
India
3%
Africa
1%
Source: CoinMap.org 18 Mar 2014...
As the Developing World Leapfrogged Landlines …
Due to lack of credit cards, approximately 65% and 35% of all e-commerce i...
Regulation and
Macro
38State of Bitcoin Q1 2014
Bitcoin is at the Center of a Three-Way Intersection
Technology
FinancePolicy
39State of Bitcoin Q1 2014
Hostile
Contentious
Investigative
Unknown
Source: CoinDesk, BitLegal.net
Only 12% of 73 Countries Which Have Taken Bitcoin...
Like Regulation, the Tax Treatment of Bitcoin is a
Mixed and Fluid Picture
UK
CumbersomeModerate„Wait and see‟
USIsrael
So...
Bitcoin May Seem Small Compared to the US Dollar
and Other Major National Currencies …
42State of Bitcoin Q1 2014
Source: ...
… But 100 Countries Have a Smaller
Money Supply (M1) Than Bitcoin
43State of Bitcoin Q1 2014
Source: Coinometrics 24 April...
Source: Source: CIA Factbook.*All dates for 2012 except Venezuela which is for 2013.
Over 70 Countries Have Currencies Whi...
Appendix - CoinDesk
• Find out more at www.coindesk.com
• Follow us on Twitter: @coindesk
• Subscribe to our daily email n...
Disclaimer
CoinDesk makes every effort to ensure that the information in this presentation is
accurate and up to date. We ...
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Like Regulation, the Tax Treatment of Bitcoin is a
Mixed and Fluid Picture
UK
CumbersomeModerate„Wait and see‟
USIsrael
Source: CoinDesk
41State of Bitcoin Q1 2014

Veröffentlicht in: Wirtschaft & Finanzen, Business
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