Nick Shalek - Bitcoin

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Nick Shalek - Bitcoin

  1. 1. 1“The Social Internet” Conference Call SeriesBitcoin – The New Digital Gold?June 2013
  2. 2. 2Viral(people actually will talk about it)Novel(opportunity to reshape regulatory structures)Global(reaches many types of underserved users)Bitcoin is unique in financial servicesThree general ways to play it….
  3. 3. 31. Invest in BTCBitcoin:• Is useful (remittances, micro-transactions, time-sensitivepayments, etc)• Is scarce, so it has a price ($100+ today)• Clearly can go to zero, but the payoff is asymmetric• Of course, you need to assign your own probability ofsuccess!1/5 of CurrentGrowth over 5 yrs= $3,000+ BTC5% of $20 trillionInformal Economy= $7,000+ BTC5% of $7.5 trillionGold Market= $15,000+ BTC
  4. 4. 42. Invest in Bitcoin InfrastructureThe first wave of Bitcoin companies:• Are aimed at improving the basic user experience• Similar to the ISPs/dial-up services of the early Internet• Some will be valuable, but many will not• Mining opportunities = lucrative (for some), short-livedWallets Exchange/TradingPlatformsMerchant andPayment Services
  5. 5. 53. Invest in the innovation Bitcoin will spawnBitcoin is like TCP/IP, the Internet. What will be Google?• Recasting the financial services we know• Today: vertical, geographically-specialized• Tomorrow: horizontal, functionally-specialized• Creation of financial services we haven’t imagined yet• ex. Reputation-based peer-to-peer lending• ex. Smart asset ownership tied directly to identity• ex. Use of the blockchain for other purposes

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