House Oversight — Estate records
HOUSE_OVERSIGHT_025663
FOMC March Meeting Preview
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Investment Management Division An Overview of the Current State of Cryptocurrencies and Blockchain Technology November 15, 2017 Investment Strategy Group Today’s Discussion Investment Management Division I. The Cryptocurrency Marketplace II. III. IV. Blockchain Technology and Potential Uses How Cryptocurrencies Work Is Bitcoin a Viable Currency? V. Is Bitcoin a Viable Asset? VI. Cryptocurrency Risks VII. Key Takeaways Source: Investment Strategy Group 1 Cryptocurrencies Have Received Enormous Attention Investment Management Division 1. Bitcoin Currency Value – Through November 14, 2017 2. Cryptocurrencies with Market Capitalization over US$1 Billion $120 7000 6000 6,590 592% YTD $100 107.5 $80 USD per Bitcoin (XBT) 5000 4000 3000 $60 $40 30.2 2000 $20 22.6 1000 0 2011 2012 2013 2014 2015 2016 2017 $0 Bitcoin Ethereum Bitcoin Cash 7.8 3.4 3.3 1.8 1.8 1.7 1.7 1.6 Ripple Dash Litecoin Monero NEO NEM IOTA Ethereum Classic • Bitcoin was conceived in 2008 by an anonymous inventor who is known by the pseudonym, Satoshi Nakamoto. • Since then, an estimated 2,000+ cryptocurrencies have come into existence, with a combined market cap of over $200bn. 1 • There are an estimated 129 focused hedge funds 2 and 121 cryptocurrency exchanges globally. 3 (1) Coinranking.com, (2) https://next.autonomous.com/thoughts//how-many-crypto-hedge-funds-can-you-count, (3) https://cryptocoincharts.info/markets/info Source: Investment Strategy Group, Cryptocompare.com. 2 Cryptocurrencies have Garnered Diverging Views Timeline of Statements and Measures over Recent Months Investment Management Division Japanese government recognizes Bitcoin as legal tender Apr. 1, 2017 China bans ICOs Sept. 4, 2017 “It’s a fraud…worse than tulip bulbs” 1 –J. Dimon Sept. 12, 2017 South Korea bans ICOs Sept. 28, 2017 Japan’s FSA approves 11 operators of cryptocurrency exchanges Sept. 29, 2017 “Still thinking about #Bitcoin. No conclusion - not endorsing/rejecting” 3 - Lloyd Blankfein Oct. 3, 2017 “Bitcoin is 'a pon […]