This paper aims to provide a foundation for anyone looking to understand the potential of digital assets such as crypto currencies as a future asset class.

1. Cryptocurrencies: The Asset Class of the
Future
Investor Newsletter
Q4 2017
Version:1.1

2. 1 | P a g e
www.blockchainag.io
Blockchain AG Companies
Bitsavvy is a digital asset company that
specialises in digital asset management
and consultancy service. It provides
solutions tailored to the needs of its
clients including governments,
corporations and high net-worth
individuals.
Coinpesa is a digital asset exchange
based in Africa focused on bringing
cryptocurrenciesand otherdigitalassets
to the masses. Coinpesa is on a mission
to accelerate financial inclusion on a
global scale through the distribution of
blockchain based digital assets.
Blockchain AG
C2, Plot 27 BandaliRise, Bugolobi
Kampala,Uganda
www.blockchainag.io
info@blockchainag.io

3. 1 | www.bitsavvy.io
Letter from the Author, Blockchain AG Co-Founder
Dear Friends,
I am delighted to inaugurate this first edition of
the Bitsavvy investor information newsletter.
These semi-regular newsletters will contain our
public-facing market research on the state,
opportunities, and direction of cryptocurrency
markets and theemerging blockchaineconomy.
Digital assets have meteorically arrived and
established themselves as an asset class of their
own standing.It isour convictionthat in2017and
beyond it is prudent for any investor to consider modest exposure to the cryptocurrency
asset class. But my conviction cannot be your starting point. In this and future newsletters
we plan to offer the research you need to make well-formed decisions while stepping into
the wild west which is the emergency cryptocurrency market.
In thisfirst edition,we will beexamining themarket through aninvestor’s analysis ofBitcoin.
Bitcoin formed the digital asset economy and stands as a reference to most new
cryptocurrencies. It is thereserve currency in this market and must beunderstood before all
others.
Togetherinto thenew economy,
Suleiman Murunga
CEO Coinpesa
About the Author
Suleiman Murunga is the CEO of Coinpesa, a Blockchain AG company. Prior to Blockchain
AG, Suleiman was the CEO of Pegasus Technologies, Uganda’s largest Fintech. Pegasus
technologies is a leader in mobile money aggregation and the development of financial
software solutions such as mobile money based merchant and school fees payments,
international remittances, bulk payments, bill payments and cross mobile money platform
transfers serving clients such as telecoms, banks, businesses and government entities.
During his timeat thehelm, Pegasus Technologiesgrewto process over $400 millionUSDin
paymentsannually. SuleimanholdsaMarketing Management Degree (Hons)from Coventry
University.

4. 2 | www.bitsavvy.io
Table of Contents
1. Executive Summary 3
2. What is Bitcoin? 4
2.1. What makes it different from normal currencies? 4
3. Evolution of money 4
4. Fundamental Market Metrics of Bitcoin 5
4.1. Basis of Value 7
4.2. Liquidity 7
4.3. Informational Efficiency 8
4.4. Accessibility 8
5. Contributing Factors to Bitcoin’s Growth 10
6. Should one invest in Bitcoin? 13
7. Conclusion 14
References 15

5. 3 | www.bitsavvy.io
1. Executive Summary
This newsletteraims to introducetheidea of cryptocurrencies suchas Bitcoin as a viable
alternativeasset classfor an investors’portfolio.To supportthisposition,weanalysetwo
main areas: the fundamental market metrics and the factors that are contributing to
Bitcoin’s continuous growth in value. By doing so, we provide anyone looking to add
digital assetsto their portfolio with a foundation from which they can makean informed
decision1.
Bitcoin isanalysed usingseveral market metrics inorder to quantify it as a feasibleasset.
The metrics included the following, (i) the basis of value, (ii) liquidity levels, (iii)
informational efficiency and (iv) accessibility. The analysis revealed that Bitcoin
measures up favourablyagainst theoutlined metrics. The basisof valueis similarto that
of othertraditionalmarketswhich aredrivenbytheforces of supplyand demand in order
to determine a price, and the Bitcoin market was found to have sufficient liquidity to
providean investorwith a favourableask-bid spread. Bitcoin’smarket capitalisationhas
grown from 1.6 billion USD to over 100 billion in just 4 years, this long-term trend is
expected to continuedueto theincreased interestin theprotocolfrom an ever-growing
poolof users.AlthoughBitcoin’smarketcaphasgrown,itisstillquitesmallincomparison
to theothertraditionalasset classes suchas gold and stocks,which makes it easily prone
to market shocks thatlead tothe highlevels of volatilitythat areexperienced in its price.
The adoption of Bitcoin is getting momentum from various parties which include
businesses,investors,governments and individuals and this is because of its properties
which allow it to providevalue to its usersin multiple ways such as,(i) a storeof value,to
hedge against inflation in an easily tradable currency. (ii) A medium of exchange, to be
used to transact with anyone around the world at a fraction of the cost of using the
currentfinancial system.Bitcoin’scurrentmarket cap isminisculewhen comparedto the
combined market cap of the other traditional assets such as gold, stocks and global
currencies which have a combined total of approximately $200trillionUSD. As a rapidly
growing asset,the idea of Bitcoin absorbing1% of that total can no longer be looked at
as a stretch.
One thing is clear, as an asset, Bitcoin is like nothing the world has ever seen before.
Providing investors with the ability to realise unmatched returns. Bitcoin is a high-risk,
high-reward vehicle. Although still in its early days, it has surely made its presence felt
1 This white paper is not intended to serve as investment advice. Rather, it is intended to cast light on the
Bitcoin market through data analysis of the factors that contribute to its value. The attributes of Bitcoin and
the crypto currency market discussed in this white paper may change as the underlying technology continue
to develop due to the market forces and/or regulation.

6. 4 | www.bitsavvy.io
and the world has begun to take note. It is now only a matter of time before this new
technology/currency goes mainstream.
2. What is Bitcoin?
Bitcoin is a worldwide cryptocurrency and digital payment system called the first
decentralized digital currency, since the system works without a central repository or
single administrator. It was invented by an unknown programmer, or a group of
programmers, under the name Satoshi Nakamoto and released as open-source
software in 2009. The system is peer-to-peer, and transactions take place between
users directly, without an intermediary. These transactions are verified by
network nodes know as miners and recorded in a public distributed ledger called
a blockchain. It is the first example of a growing category of money known as crypto
currency.
2.1. What makes it different from normal currencies?
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional
dollars,euros,or yen,which are also traded digitally through online exchanges.
However, Bitcoin’s most important characteristic, and the thing that makes it different
toconventionalmoney,isthatitis decentralized.NosingleinstitutioncontrolstheBitcoin
network.This putssomepeopleat ease, becauseit means that a largebank can’t control
theirmoney. Anotherimportantcharacteristicisthat itis peer-topeer,which meansthat
thereis no need of an intermediarysuch as a bank in order to exchange valuein a secure
trust less manner. This has massiveimplications for the cost of transacting because for
thefirst timein history,valuecan be sent across theworld for pennies.
3. Evolution of money
Money has been in existence for thousands of years, and like any other technology,
money has evolved over the years, moving from the barter of goods and services, to
shells and pebbles, to precious metals, to paper currency, to plastic cards and now to
digitalmoney. Althoughthroughtheuseof internetbanking and mobilemoney wehave
been able tomake digitalpaymentsfor morethana decade now,we havenothad a truly
legitimate form of digital currency until thecreation of Bitcoin.
Bitcoinis thefirstform of a purelydigitalcurrencythat hasthepotentialto fulfilthethree
main functions of a currency which are;

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 Store of value (SOV) – where fiat currencies (dollars,euros,etc.) are consistently
losingvalueduetoinflation. Bitcoin’svaluehas risenconstantlyyear onyear since
its creation, outperformingfiat currencies on a regularbasis (1). This track record
indicates that Bitcoin is a strong contender to be used to store one’s wealth
against devaluation,in a statethat is easily transact-able.
 Medium of exchange (MOE) – Bitcoin was developed to be a point to point
payment system.Anyone participatingonthenetworkisfree totransact withany
other party, seven days a week, 24 hours a day and on a global scale. Due to its
decentralised nature, transactionsaresettled withinminutes instead of days and
at a fraction of the current cost of payments.
 Unit of account(UOA) - Experts predict Bitcoin shall reach maturity within the
nextfew yearsand thiswill allowit to beusedas a UOA acrossmultipleindustries.
Althoughsomeretailerssuch as overstock,Microsoft, andothers accept payment
in Bitcoin, it is still not a suitable unit of account due to the current high volatility
levels in its price.
Benchmarking a currency based on the characteristics mentioned above, Bitcoin begins
to stand out as a strong candidate for the currency of the future and a great asset to
include within one’s portfolio.
4. Fundamental Market Metrics of Bitcoin
In order to appreciate Bitcoin and other crypto currencies as viable assets, we need to
understand what gives them value. Bitcoin has over the years experienced extreme
volatility which has been characterised by peaks and crashes. As the figure illustrates
below, if onepurchasedBitcoinin Septemberof 2014andstoreditfor3years,they would
have made an 11x returnon their investment.This is in comparison to other investment
options such as theFTSE 100 that increased approximately 1.1x over thesameperiod.

8. 6 |www.bitsavvy.io
Source: coin marketcap2
In order to appreciate the value of Bitcoin or any other crypto currency besides the
consistentannual appreciation. One must also analyse the fundamentals of the asset by
evaluating a number of factors which includethefollowing;
Basisof value– Whataspects contributetheprice?,arethey sustainable?,does theasset
havevalue?, what forces determine its price?
Liquidity – How easy isitfor oneto enterandexit themarket? Isthemarketlargeenough
to quickly respond to buys and sells?
Informational Efficiency– How does thepriceof Bitcoin respondto new information,is
it predictableor is it random?
Accessibility – How easy is it for one to purchaseand tradea Bitcoin?
The crypto currency market shows favourable trends in these fundamental metrics as
explained below.
2 Sourced from coinmarketcap.com (3)
Figure1: priceof BitcoininUS dollars since2013

9. 7 | www.bitsavvy.io
4.1. Basis of Value
What is thevalue/price of Bitcoin based on? The futureof money and many other assets
will be digital.The value Bitcoin is derived from the forces of supply and demand, which
is the case withevery other storeof valuein the market. The supplyof Bitcoin is fixed to
a hard cap 21 million Bitcoins which once reached, the production of Bitcoins will stop.
On the other hand, the demand for Bitcoins comes from the multiple benefits that are
gained through theuseand implementation of the Bitcoin protocol such as;
 Payment applications – Companies around the world are taking the
advantage of the Bitcoin protocol and developing applications that enable
users around the world to transact with near Frictionless experiences.
Application uses and advantages include;
I. Sendingmoney toanyone globallyandhavethetransactioncompleted
within minutes.
II. Merchants can accept payments without the risk of chargeback fraud.
III. The network is open to all, which means that there is increased
transparency
IV. The low transactioncosts allow for greater levels of financial inclusion,
this opens up the protocol to market of billions of people that include
both thebanked and theunbanked.
 Fungibility - Bitcoin is the most ubiquitous digital money option, with name
recognition and a large network of market participants. Bitcoin can be
converted with almost any currency in the world through one of the many
exchanges
Bitcoin will allow for greater efficiency in various industries which include the global
remittanceindustry,banking,merchantand peer-to-peerpayments.Thecannibalisation
of these industries will increase the Bitcoin market cap which will lead to higher more
stableprices.
4.2. Liquidity
Everyday more and more people are entering the Bitcoin ecosystem which means that
the pool of buyers and sellers in always increasing. This phenomena has led to an
increasingly liquid market, meaning that trades are likely to be executed at desired
market prices. Thetop threecrypto currency exchanges on the firstof October 2017had
a 24-hour trading volumeof $1 billion US dollars (2).
Bid-ask spread isthe difference between thehighest pricesomeone is willingto buy and
thelowest pricesomeone is willing to sell at a particularmoment in time.The difference
in the bid-ask spread of Bitcoin has significantly reduced in comparison to what it was
threeyears earlier.

10. 8 | www.bitsavvy.io
4.3. Informational Efficiency
Efficient Market Hypothesis(EMH)holdsthatan efficient market isone inwhich theprice
of an asset adjusts rapidly to the arrival of new information and that all relevant
informationis fully and immediately reflected in the assets market price (3).The crypto
currency marketshave begun processinginformationinways thatone wouldliken to the
traditional assets markets. In recent years, Bitcoin and other top tier crypto currencies
haveresponded tonew informationrelatively swiftly.This may be analysed in therecent
events that affected thespace, such as;
I. China banningICOs – on the4th
of sept2017thebank of China whichis owned
by the Chinese government issued a statement banning ICOs (4) (initial coin
offerings) which is a method of fund raising for a project through theuse of a
cryptocurrency. It is importanttonotethat althoughtheChinesegovernment
ban ICOs, crypto currencies and mining is still legal as of the writing of the
document.
II. JP Morgan, CEO on Bitcoin – Jamie Dimon made a public statement calling
Bitcoin a fraud (4) and the markets immediately responded and within hours
therewas a noticeabledrop is theprice.
The combinationof these negativenews events amongother factors caused the priceof
Bitcoin to drop from a high of close to $5000USD to as low as $3000 within a matter of
days.Howeveras of thewritingthisdocumentthatpricehad recoveredand washovering
around the$4000 USD mark.
III. NEO being listed on the Korean exchange – on the positive side, NEO, a
popular Chinese crypto currency that got affected by the ICO ban. Recently
Got listed on a south Korean exchange (6), coin nest. Once the news broke
about theimpending listing,within hours thepricebegan to surge.
These area few examples of theEMH in action within thecrypto currency markets.
4.4. Accessibility
One of the biggest hurdlesto the adoption of any technology is accessibility and Bitcoin
is no exception. Bitcoin is currentlystillin theearly adopter stageof its life cycle because
it is stilla foreign concept to many,they don’t understandwhat it is,how to get, how to
useor why it is revolutionary.This hurdleis being tackled by thousandsof programmers

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aroundtheworldfromdifferent angles workingonimprovingtheoverall userexperience
in order to allow theprotocol to advanceinto theearly majority stage of its life cycle.
There are now multiple ways of getting some Bitcoin which include purchasing it
through;
 An online wallet or App - These platformsuse variouslocal payment options to
enabletheiruserstopurchaseand withdrawalBitcoin,theseoptionsinclude bank
transfers, card payments, western union or mobile money (luno, bitpesa,
coinbase)
 Crypto currency exchanges – these platforms allow users to use other crypto
currencies or fiat to get Bitcoins and vice versa (bittrex,Poloniex,GDAX,BTCC)
 Peer-to-peer transactions – There are some services that enable a buyer and
seller to initiate a deal online and then meet in person to complete the
transaction.(local Bitcoins)
 ATM machines - There are now over 1500 ATMs around the world that process
Bitcoin transactions (7).
Bitcoin ETFs– variousinvestmentfirms in theUnited States such as VanEck and
Gemini have filed for an exchange traded fund and are seeking regulatory
approval from the SEC (8). Such products could see billions of dollars from
institutional investors comeinto thespace
Figure 2: Bitcoin Adoption Lifecycle
As much as Bitcoin is still in the early adopters stage, it has an active base that is
estimated tobearound10millionuserswhichis minisculewhen putintoaccount thefact
that Bitcoin was designed to serve billions of users worldwide. Adoption in users and
usageis growing exponentially as indicated in thefigure3 below.

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Figure 3: Bitcoin transaction growth
Chartssourced from Blockchain.info(8)
5.Contributing Factors to Bitcoin’s Growth
1. Vibrant Ecosystem – Bitcoin has managed to gain a large global community of
stakeholders that each have a vested interest in its overall success. This
community consists of thefollowing;
 Miners – These are the individuals and companies that run the
decentralised nodesthatvalidate thetransactionsandsecurethenetwork.
 Network developers – they are the individuals that maintain and upgrade
theBitcoinnetwork.Anyonecan jointhisgroupand theupgradesaredone
according to consensus.
 Business– A multitudeof companies and products havebeen builton top
of the Bitcoin protocol which has led to an entirely new economy.
 Exchanges – These are the companies that enable users to purchase and
sell Bitcoin
 Users – these aretheindividualsand companies that use Bitcoin as a store
of valueand medium of exchange.
 Investors– these are theindividuals and institutionsthat have backed the
multiple Bitcoin start-ups around theworld.

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2. Innovation – Bitcoin at the present moment is roughlywhere theinternet was in
1994.Which means that itis not veryuser friendly,not veryscalable and ismainly
used by the very technically savvy. However massiveinvestments arebeen made
in order to take Bitcoin mainstream in the shortest timepossible.And unlikethe
internet,theadoptionof Bitcoinwill bemuchfaster andeasier duetothefact that
theinternet infrastructurehas already been laid down.
3. IncreasingAdoption andInvestment –AsBitcoincontinuestospreadaroundthe
world; the attention it’s gaining will lead to more users adopting it and more
money getting invested. A Goldman Sachs spokeswoman recently released a
statement indicatingtheir plans to enter the cryptomarkets due to theincreased
requests from their clients (9). Such entries will only push the market cap higher
which in turn leads to higher prices. According to the Bitcoin market graph, it is
quite evident that the price of Bitcoin closely matches its market cap as may be
seen in figure4 below.
Figure 4: Bitcoin market cap vs price graph
Chartsourced fromcoinmarketcap.com (10)
At the time of writing this paper, themarket cap of Bitcoin was hovering around
the $70 billion USD mark and a priced at about $4200 USD per coin. When
compared to the other asset classes such as Gold, fiat currencies and stocks as
seen in figure 5 below. One can quickly realise how much moreroom Bitcoin has
to grow as it attracts individuals who are looking for better returns from their
portfolios.

14. 12 | www.bitsavvy.io
Figure5: Traditional Assets Market Caps
Sourced fromcointelegraph.com (11)
4. Crypto currency regulation – Regulators around theworld are beginning to take
noteof the growthand impact of crypto currencies and decentralised blockchain
technologies. They are analysing the benefits they have to offer as well as their
potential to disrupt traditional industries such as banking and finance.
Various governments have taken different views on the matter with some
choosingtoquicklypass regulation,otherschoosingto embracecrypto currencies
and promoteinnovation,and therest taking their timeto analysethe sector as a
whole. Someof therecent events include;
I. As mentioned in section 4.3, the bank of china issued a ban on ICOs,
which followed with a ban on exchanges in the country. This however
pusheda lotof theChineserelatedtradingvolumeto Japan.It islargely
believed to be a temporary ban as the government formulates a
framework for regulating thespace.
II. On the other hand, the government of Dubai launched a crypto
currency called the EMcash which they say will be used to carryout
digital transactionswithin the country(13). The governmentsof Japan
and Sweden also taking a similar routeby announcing plans to launch
theirowncryptocurrencies(14).Japan howeverwenta stepfurtherand
also licenced exchanges in order to enable then to operate within a
secureenvironment (15).

15. 13 | www.bitsavvy.io
6. Should One Invest in Bitcoin?
Investments in Bitcoin and Bitcoin related projects has seen a massive increase year on
year since 2012. Investors are taking different approaches to creating wealth from
Bitcoin. On one side, we have investors who are choosing to buy and hold for the long
term, while others are engaging in active day trading. And on the other side, investors
are getting their hands dirty by setting up mining facilities all around the world in order
to generate Bitcoinsfrom thenetwork.There aremany ways toparticipatein the Bitcoin
economy and if we are to analyse the space by the numbers, this is a snapshot of what
one would find;
 $1.9 billion USD is the approximate funding received by Bitcoin related
companies from venturecapitalists since 2012 (16).
 $955 million USD is Bitcoin’s average daily trading volume for 2017 year to
date. Through an averageof 250,000 transactions per day (9).
 $70 billion USD,Bitcoin’scurrentmarketcap of up from$1.6billionfouryears
earlier (2).
 11.5 mln, the estimated number of unique active users of crypto currency
wallets in 2017,up from between 0.6 mln and 2.6 mln four years earlier (17).
 $10 million USD, the Mining revenue received by miners on the 9th
of Sept
2017,up from $46,000 US dollars four years earlier (18).
The figuresabove indicatehow fast Bitcoinis growing.Below is a tablepresentingsome
of the individual and institutional investors that have backed some of the companies’
innovating in thespace;
Individual advocates and investors Institutional investors
Tim Draper - Draper Fisher Jurvetson
Marc Benioff- Salesforce
Reid Hoffman - Linkedin
Jerry Yang - Yahoo
Richard Branson – Virgingroup
Ashton Kutcher- Actor
Cameron Winklevoss and Tyler Winklevoss
- Gemini
John Mcafee – McAfee antivirus software
Mike Novogratz– Fortress capital
Al Gore – US presidentialcandidate
Peter Thiel– Founders fund
Chamath Palihapitiya –Owner, Golden
state warriors
Marc Andreessen – Netscape
GreylockPartners,
Spark Capital
Bank of America
Merrill Lynch
HSBC
Intel
SBIGroup
Banco Bradesco
Barclays PLC
ING Group
Wells Fargo
Citigroup
DigitalCurrency Group
Thomson Reuters
JP Morgan
GoldmanSachs
EuclidOpportunities

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Lightspeed Ventures
Sequoia CapitalChina
GoogleVentures
Rothenberg Ventures
Y Combinator
Information sourced from coindesk.com (16)
Bitcoin prices have climbed more than 400% this year, providing investors with robust
gains and generating strongvisibilityfor the broader crypto currency space (19). Bitcoin
is now being dubbed as the “digitalgold” (20),since it has outperformed majorityof the
traditionalinvestmentvehicles consistentlyoverthelast fouryears.Looking at thefacts,
it is definitely a wise decision to have crypt currencies as part of one’s portfolio in order
to boost its overall return.
7. Conclusion
Bitcoin is easier to understand and appreciate once we accept the idea that money is a
technology that evolvesovertimeand adapts to theneeds of thesociety that uses it. We
are now in the digital age and the consistent rapid rise in value of Bitcoin is in line with
the increased globalisation of trade through digital means. This trend has therefore led
to thecontinuousdemand for a medium of exchange thatcan operatein thisnew world.
Bitcoin is the first viable digital form of money that can be trusted as a medium of
exchange and store of value on a global scale. Crypto currencies have the ability to
transform communities on a global scale through unprecedented access to advanced
financial services.
As more and more users embrace the technology, the value of the crypto currency
market cap will increase and eventually lead to stable regulated markets. The current
financial system as we know it is being disrupted,one block at a time. Gold 2.0 is here,
and it is here to stay whether welike it or not.

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8. References
1. Desjardins, Jeff. bitcoinsperformance against othercurrencies in 2016-2017. forbes.com.
[Online] 4 january 2017. http://www.businessinsider.com/bitcoins-performance-against-
other-currencies-in-2016-2017-1?IR=T.
2. coinmarketcap. Cryptocurrency Market Capitalizations. coinmarketcap. [Online] 1 10
2017. [Cited: 3 10 2017.] https://coinmarketcap.com/exchanges/volume/24-hour/.
3. Harvey, Campbell R. Efficient Market Hypothesis.Nasdaq. [Online] Fuqua Schoolof
Business at Duke University. [Cited:03 10 2017.]
http://www.nasdaq.com/investing/glossary/e/efficient-market-hypothesis.
4. Saheli Roy Choudhury. China bans companies from raising money through ICOs, asks
localregulators to inspect 60 major platforms. CNBC. [Online] CNBC, 04 09 2017. [Cited: 29
09 2017.] https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-
initial-coin-offerings-report-says.html.
5. Hugh son, Hannah Levitt, Brian Louis. Jamie Dimon Slams Bitcoinas a ‘Fraud’.
Bloomberg Technology. [Online] Blooberg,1209 2017. [Cited: 30 09 2017.]
https://www.bloomberg.com/news/articles/2017-09-12/jpmorgan-s-ceo-says-he-d-fire-
traders-who-bet-on-fraud-bitcoin.
6. CRYPTOCOINMASTERY. First Korean Exchangeto List NEO… CoinNest.
CRYPTOCOINMASTERY. [Online] 27 09 2017. [Cited:03 10 2017.]
https://cryptocoinmastery.com/first-korean-exchange-list-neo-coinnest/.
7. Radar, Bitoin AM. BitcoinATM map. Bitoin AMRadar. [Online] [Cited: 03 10 2017.]
https://coinatmradar.com/.
8. Saha, Sanghamitra. BitcoinETFs: More Issuers Join theRace. Nasdaq. [Online]
Zacks.com, 25 08 2017. [Cited:03 10 2017.] http://www.nasdaq.com/article/bitcoin-etfs-
more-issuers-join-the-race-cm837318.
9. blockain. Confirmed Transactions Per Day. blockchain. [Online] [Cited:03 10 2017.]
https://blockchain.info/charts/n-transactions?timespan=all.
10. Wilmoth,Josiah. Goldman Sachs ExploresBitcoinTrading. cryptocoinsnews. [Online]
cryptocoinsnews, 02 10 2017. [Cited:03 10 2017.]
https://www.cryptocoinsnews.com/goldman-sachs-considering-bitcoin-trading-operation-
wsj/.
11. cap, coin market. charts. coin market cap. [Online] 01 10 2017. [Cited: 03 10 2017.]
https://coinmarketcap.com/currencies/bitcoin/#charts.
12. Bendella, Wassim. HowBitcoinDoes Versus Gold,Fiat and All World's Money.
cointelegraph. [Online] cointelegraph,29 06 2017. [Cited: 03 10 2017.]
https://cointelegraph.com/news/how-bitcoin-does-versus-gold-fiat-and-all-worlds-money.

18. 16 | www.bitsavvy.io
13. Galeon, Dom. Dubaijust got its first officialcryptocurrency. businessinsider. [Online]
Futurism, 03 10 2017. [Cited:03 10 2017.] http://www.businessinsider.com/dubai-official-
cryptocurrency-blockchain-emcash-2017-10?IR=T.
14. Vitáris, Benjamin. Cashless Sweden Will Host its First Major Cryptocurrency &
BlockchainConference. cryptocoinsnews. [Online] cryptocoinsnews, 18 06 2017. [Cited: 03
10 2017.] https://www.cryptocoinsnews.com/sweden-to-host-conference-on-blockchain-
tech-and-cryptocurrencies-in-september/.
15. Takahiko Wada, Hideyuki Sano. Japan's FSA gives officialendorsement to 11
cryptocurrency exchanges. reuters. [Online] reuters, 29 09 2017. [Cited:03 10 2017.]
https://ca.reuters.com/article/technologyNews/idCAKCN1C40T9-OCATC.
16. coindesk. BlockchainVenture Capital.coindesk. [Online] coindesk, 01 10 2017. [Cited:03
10 2017.] https://www.coindesk.com/bitcoin-venture-capital/.
17. Ogundeji, Olusegun. Active BitcoinWalletsNumber Has Grown Four-Fold Over Five
Years: Study.the cointelegraph. [Online] 11 04 2017. [Cited:01 10 2017.]
https://cointelegraph.com/news/active-bitcoin-wallets-number-has-grown-four-fold-over-
five-years-study.
18. Blockchain. Miners Revenue. Blockchain.info. [Online] Blockchain,03 10 2017. [Cited: 03
10 2017.] https://blockchain.info/charts/miners-revenue.
19. Bovaird, Charles. WhyBitcoinPrices Have Risen More Than400% This Year.
forbes.com. [Online] Forbes, 01 09 2017. [Cited: 03 10 2017.]
https://www.forbes.com/sites/cbovaird/2017/09/01/why-bitcoin-prices-have-risen-more-
than-400-this-year/#1292ea346f68.
20. Mourdoukoutas,Panos. BitcoinIs TheNew 'Gold'.forbes.com. [Online] Forbes, 09 08
2017. [Cited: 01 10 2017.]
https://www.forbes.com/sites/panosmourdoukoutas/2017/08/30/bitcoin-is-the-new-
gold/#7fdb94c13b36.