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State of Bitcoin Q2 2014

Presented 10th July 2014 at CoinSummit London

State of Bitcoin Q2 2014

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Contents
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State of Bitcoin Q2 2014

Summary
Price and Valuation
Media
Ecosystem and VC Investment
Commerce
Technology
Emerging Markets and Macro

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State of Bitcoin Q2 2014

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Q2 2014 Summary
Bitcoin’s price has bounced back:
up 39.4% from end of Q1 but still
down 16% from start of year

Stories mentioning ‘bitcoin’ in the
mainstream media rose 439%
from 2012/13 to 2013/14

All-time bitcoin VC investment of
$240m; 2014 run rate of $280m+

Approximately 63,000 business
now accept bitcoin; 5.3m total
wallets

Larger, more established consumer
brands are adopting bitcoin (eg
Dish, Expedia)

Regulatory environment continues to
see positives (eg California) and
setbacks (eg Bolivia)

State of Bitcoin Q2 2014

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Key Bitcoin Adoption Metrics
Commerce
Wallets
Merchants
ATMs
Unique bitcoin addresses used per day
Media
Mentions in mainstream media
Technology
Network hash rate (billion/second)
Github No. of updated repositories
Investment
Bitcoin market capitalization ($bn)
Industry
VC investment over last 12 months
($m)
Number of VC-backed startups
State of Bitcoin Q2 2014

Jun-14
5,327,688
63,000
103
136,152

Jun-13
765,039
N/A
N/A
41,271

YoY Δ
7x
N/A
N/A
3x

9,500

2,163

3x

111,194,683
12,365

162,269
676

685x
17x

8.3

1.0

8x

200.7
48

17.1
7

12x
7x
5

Price and Valuation State of Bitcoin Q2 2014 6 .

Why Bitcoin’s Price Has Leapt 64% Since April 4. CEO of Bitcoin Official Bans China [April Fools’ article] 2. Mark T. Williams to Bitcoin Bulls: Time Will Vindicate My Prediction 31st May 8. List of Possible Silk Road Bitcoin Bidders Leaked by US Marshalls 3.000 BTC Selloff 13th Jun 10. Prepares for 30. Bitcoin Price Drops 10% as Chinese Exchanges Stop Bank Deposits 10th Apr 7.Four of the Most Popular CoinDesk News Stories in Q2 2014 About Bitcoin’s Price Story 1. Renewed Optimism as Bitcoin Price Nears $500 Date 1st Apr 18th Jun 28th May 16th Apr 20th May 6. Is it Too Late to Get Involved in Bitcoin? 26th Apr State of Bitcoin Q2 2014 7 . New Colorado Marijuana Vending Machines Will Accept Bitcoin 5. 500 Million Dogecoins Mined by Unknown Hacker in Malware Attack 17th Jun 9. Bitcoin Price Falls Below $600 as Govt.

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

Significant Bitcoin Events and Price Response – Q2 2014 $700 5 Jun 29 May $650 DISH becomes largest company to accept bitcoin $600 2 Jun $550 13 May Apple App Store allows bitcoin apps BitPay announces largest bitcoin VC round to date ($30m) $500 $450 11 Apr $300 11 Jun Expedia announces it will accept bitcoin 27 Jun FBI announces auction of Silk Road bitcoins 15 May $400 $350 All-time bitcoin VC investment > $200m PBOC official says China will not ban bitcoin Bitcoin 2014 conference in Amsterdam Source: CoinDesk Bitcoin Price Index daily closing price (taken at 00:00 UTC) State of Bitcoin Q2 2014 9 .

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

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

com 1 July 2014 State of Bitcoin Q2 2014 12 .1bn – all cryptocurrencies (Δ of +28% from 16th April) Source: CoinMarketCap.Bitcoin Now Represents 93. up from 18x two months ago Market capitalizations: $8.4% of Total Cryptocurrency Market Cap.4% Change from 16th April Bitcoin market cap 35x larger than litecoin. +3.5bn – bitcoin (Δ of +31% from 16th April) $9.

” • “US bank fees generate $250 billion a year and global payments-related revenues exceed $300 billion a year.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.” State of Bitcoin Q2 2014 Gil Luria Wedbush Securities 13 .” • “We also see an emerging bitcoin opportunity within the Internet of Things.

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

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

754 $15.Total Potential Market Cap Disrupted by Bitcoin of $546bn Market Caps (millions) as of 1st July 2014 Processors Visa Inc American Express Co MasterCard Inc Capital One Financial Corp Discover Financial Services Alliance Data Systems Corp Total System Services Inc Global Payments Inc Euronet Worldwide Inc Heartland Payment Systems Inc Green Dot Corp Total Market Cap $105.458 $1.753 $23.117 $37.558 $47.892 $5.824 $6.802 $2.268 $21.883 $2.213 $28.210 $1.928 $5. CoinDesk 16 .591 $52.900 $15.033 $5.246 $5.430 $82.106 $4.080 $4.462 State of Bitcoin Q2 2014 Payment Hardware NCR Corp MICROS Systems Inc VeriFone Systems Inc Ingenico Diebold Inc Outerwall Inc Wincor Nixdorf AG Agilysys Inc On Track Innovations Ltd Total Market Cap $5.025 $2.895 $316 $79 $25.516 $804 $1.311 $2.477 $753 $395.345 $2.595 $1.975 Bank Software Fidelity National Information Services Inc Fiserv Inc Jack Henry & Associates Inc ACI Worldwide Inc Total Market Cap $15.458 $1.124 Trust/Escrow M&T Bank Corp Associated Banc-Corp PrivateBancorp Inc Total Market Cap $16.232 $2.422 Money Transfer/ATM Outsourcing Western Union Co Euronet Worldwide Inc Cardtronics Inc MoneyGram International Inc Xoom Corp Total Market Cap $9.001 $15.930 Securities Exchanges Intercontinental Exchange Inc CME Group Inc NASDAQ OMX Group Inc Total Market Cap $21.228 $100.169 Source: Wedbush Securities.

Media State of Bitcoin Q2 2014 17 .

Selection of Q2’s Biggest Bitcoin Stories Apple’s App Store allows return of bitcoin apps Tim Draper successfully bids on 30.000 BTC at Silk Road bitcoin auction Scale of bitcoin VC investment tracking the early Internet More seasoned entrepreneurs set their sights on bitcoin [Halsey Minor pictured] State of Bitcoin Q2 2014 18 .

000 5.000 2.Accelerating Mainstream Media Interest in Bitcoin Stories Published Mentioning Bitcoin Reuters Sina Guardian 2012/13 2013/14 Bloomberg NYT FT WSJ 0 1. State of Bitcoin Q2 2014 19 .000 4.000 Source: Respective publishers’ websites.000 6. Date range used is 1st June to 31st May.000 3.

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

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

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

Ecosystem and VC Investment State of Bitcoin Q2 2014 23 .

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

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 State of Bitcoin Q2 2014 25 .

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

coindesk.8 $50 $0 2013 Bitcoin 2014 Bitcoin Run Rate 1995 Internet* Note: *Includes first sequence venture deals but excludes late-stage 1995 internet investments ($257.2014 VC Investment in Bitcoin Overtaking VC Early-Stage Internet Investments Bitcoin vs.com/following-money-trends-bitcoin-venture-capital-investment/ Source: CoinDesk.5 $300 $250.6m). Early Internet VC investment ($ millions) $284.1 $250 $200 $150 $100 $87. PriceWaterhouse State of Bitcoin Q2 2014 27 . For additional disclosure on methodology see http://www.

com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 28 .coindesk. Source: CoinDesk (http://www. 22 Startups ≥$1m $40 Total Funding (millions) $35 $30 $25 $20 $15 $10 $5 $0 *Note: excludes companies with less than $1 million in publicly announced VC funding.8 Startups With ≥$10m VC Funding.

NXTP Labs.00 Seed Jun-14 BitPagos 0. Individual Investors Redpoint Ventures. Liberty City San Francisco Ventures. Radar Partners.25 Seed Individual Investors TBC Jul-14 Xapo 20. Bitcoin Opportunity Corporation. Max Palo Alto Levchin. Y Combinator Pantera Capital.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 29 . Palo Alto Khosla Ventures.2014 YTD Investment in Bitcoin Startups of $150m Recently Announced Investment Rounds Close Date Company Size ($m) Round Select Investors Headquartered Jul-14 TBC 0. Crypto Currency Partners.00 First BlockScore 2. Individual Investors Seattle Source: CoinDesk (http://www. Emergence Capital Partners. New Atlantic Ventures.40 Seed Jun-14 Index Ventures. Jason Prado. Palo Alto Barry Silbert. Lightspeed Venture Partners. Boost VC.coindesk. Yuri Milner. 8capita. Greylock Partners. South Ventures.60 Seed Jun-14 BitGo 12. A-Grade Investments Barry Silbert.00 First Jun-14 HashPlex 0. Jerry Yang Battery Ventures. Tim Draper. Boost Bitcoin Fund.

00 First Undisclosed UK-based investor Buenos Aires Atlanta San Mateo May-14 BitPay 30. Felicis Ventures. Jonathan Teo. Tim Draper. Crypto Currency Partners.la 2.coindesk. Horizons Ventures. Queensbridge Venture Partners and ZAD Investment Company. RRE Ventures.2014 YTD Investment in Bitcoin Startups of $150m Recently Announced Investment Rounds Close Date Company Size ($m) Round Select Investors Headquartered Amsterdam May-14 BitFury 20. Sir Richard Branson.00 First Index Ventures.00 First Binary Financial.00 Seed Battery Ventures. Bill Tai May-14 Bitex. AME Cloud Ventures. Founders Fund.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 30 . Georgian Co-Investment Fund. Steve Case Source: CoinDesk (http://www. TTV Capital May-14 Vaurum 4.

Seedcoin Hong Kong Source: CoinDesk (http://www.coindesk.10 Seed 500 Startups Mountain View Apr-14 Coinplug 0. Accel Partners.io 0. Bitcoin Opportunity Fund Boston Mar-14 GoCoin 1.10 Seed 500 Startups Mountain View Apr-14 Neuroware 0.00 Second Breyer Capital.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 31 .10 Seed 500 Startups Mountain View Apr-14 Monetsu 0. Owen Van Natta.10 Seed 500 Startups Mountain View Apr-14 Coinalytics 0.50 First Bitcoin Shop.19 Seed Roger Ver.40 Seed Tim Draper Seoul Apr-14 PayStand 1. Oak Investment Partners.10 Seed 500 Startups Mountain View Apr-14 Bonifide.2014 YTD Bitcoin VC Investments (contd. Central Coast Angels. Pantera Capital. Crypto Currency Partners Singapore Mar-14 Hive 0.00 Seed Cervin Ventures. TiE LaunchPad Santa Cruz Mar-14 Circle Internet Financial 17. Serra Ventures.) Close Date Company Size ($m) Round Select Investors Headquartered Apr-14 GogoCoin 0. General Catalyst Partners.

Jan Rees.sx 0. Naval Ravikant Seoul Source: CoinDesk (http://www. Bitcoin Opportunity Fund.60 Seed Nicolas Cary.00 First Mar-14 Tembusu Terminals 0. Mandra Capital.) Close Date Company Size ($m) Round Select Investors Headquartered Mar-14 Payward.34 Seed Seedcoin.2014 YTD Bitcoin VC investments (contd. Ribbit Capital Beijing Palo Alto Feb-14 Safello 0. Ira Miller. David Lee.20 Seed Individual Investors Singapore Stockholm Ceyuan Ventures.00 First Mar-14 Xapo 20. VenturesLab Benchmark. Individual Investors Hong Kong Feb-14 Cryptopay 0. Erik Voorhees. Fortress Investment Group. Inc.00 First Hummingbird Ventures San Francisco Mar-14 BTC. Roger Ver. (Kraken) 5. Anders Bruzelius.30 Seed Seedcoin. Tim Draper.40 Seed Strong Ventures.coindesk. Victor & Victor Feb-14 BitSim 0. Joe Lee Singapore Mar-14 MexBT 0.60 Seed Undisclosed Investor(s) Wilmington Jan-14 Korbit 0.50 Seed Seedcoin. Individual Investors Mexico City Mar-14 OKCoin 10.08 Seed Seedcoin London Jan-14 Tangible Cryptography (BitSimple) 0.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 32 .

America 2.0 1 N.9 5 S.coindesk.0 49 North America 61% Europe 10% South America 2% • Over a quarter of VC-backed bitcoin companies are based in Asia • 78% of all bitcoin VC $s have been invested in North America to date. of ($m) companies Asia 20. Both Still Lag North America No.Europe Passed Asia in Total Bitcoin VC Investment in Q2. of Companies $ Invested Asia 9% Europe 13% South America 1% North America 78% Asia 27% Regions Value No.3 30 Total $240.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 33 .8 13 Europe 30. America 186. but only 61% of the companies are based there Source: CoinDesk (http://www.

1 185.coindesk. of Companies Singapore 1% Argentina 1% China 7% Holland 8% United Kingdom 4% United States 77% Countries Argentina Australia Canada China Mexico Singapore South Korea Sweden Holland United Kingdom United States Total Argentina Value No. Total Share Increased in Q2 $ Invested No.5 1 16.9 6 0.5 $240.9 1 20. Holland and Argentina added their first VC-backed bitcoin startups in Q2 • Greatest number of VC-backed bitcoin companies are in the US and China Source: CoinDesk (http://www.8 2 United States 59% 0.6 3 0.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 34 .0 1 10.0 Australia 2% China 12% Canada 2% Mexico 2% Singapore 6% United Kingdom 6% South Korea 4% Sweden 2% Holland 2% 3 29 49 • Mexico.3 1 2.5 1 0.0 1 0.US Continues to Dominate Bitcoin VC Investment. of 2% ($m) companies 2.

but have just over one-third of all bitcoin funding Source: CoinDesk (http://www. of Companies $ Invested Rest of World 52% Silicon Valley 48% Tech hub No.3 31 Total $240.com/bitcoin-venture-capital/) State of Bitcoin Q2 2014 35 .Silicon Valley’s Share of Bitcoin VC Investment Climbed Slightly From 46% in Q1 to 48% No.8 18 Rest of World 124.0 49 Silicon Valley 37% Rest of World 63% • 63% of VC-backed bitcoin companies are based outside Silicon Valley.coindesk. of Value ($m) concentration companies Silicon Valley 115.

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

The Bitcoin Startup Ecosystem: Six Different Bitcoin Company Classifcations Exchanges Wallets Universal Financial Services Payment Processing Mining State of Bitcoin Q2 2014 37 .

7 38. ($m) Universal 59.5x) saw the largest Q1 over Q2 investment increase Source: CoinDesk.0 49 $4.0 Payment Processor 38.com State of Bitcoin Q2 2014 38 . Wallet (2.0 8 4. of ($m) companies Financial Services 22.0 4 14. Dow Jones VentureSource.3 13 1.7 Total $240.1 Exchange Exchange 16% Value No.2x) and Financial Services (1.Universals Command the Most VC Investment $ Invested Sector Wallet 22% Payment Processor 16% Universal 25% Financial Services 9% Mining 12% No.6 7 7. of Companies Avg/co.8 Mining Hardware 28. Mining (2.6 13 3.5 4 7.5x).9 Wallet 14% Universal 8% Payment Processor 16% Mining 8% Exchange 27% Financial Services 27% • Payment Processor (5.3x).8 Wallet 53. VentureScanner.

The Emergence of the Universal Bitcoin Company • Universals operate across more than one aspect of the bitcoin value chain (eg Coinplug offers payment processing. or fade away Universal State of Bitcoin Q2 2014 39 . be absorbed by universals. 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. wallet.

Commerce State of Bitcoin Q2 2014 40 .

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

000.000.000. Historical Coinbase data provided by BitcoinPulse.000. MultiBit.000 0 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Total Wallets Forecasted Wallets Sources and notes: total wallets based on data from Blockchain.000 R2 = 0.org.000.000.9365 7.000.000 5.000 3.000 4.000 1.000 6.000 2. Coinbase. State of Bitcoin Q2 2014 42 .Approximately 8 Million Bitcoin Wallets Forecasted by Dec 2014 8.000.info.com. Andreas Schildbach (Android Bitcoin Wallet developer).

9 billion annual revenue $2. Vast Majority Are Online Businesses $5 billion annual revenue $13.8 billion annual revenue Source: Coinbase and BitPay State of Bitcoin Q2 2014 43 .Approx.000 Merchants Now Accept Bitcoin. 63.

000 (13th Jan 2014) and 30.000 Total Merchants Forecasted Merchants Sources and notes: total current merchants based on data from Coinbase and BitPay.9704 80.000 60. State of Bitcoin Q2 2014 44 .000 R2 = 0.com. 20.Approximately 100k Bitcoin-Accepting Merchants Forecasted by Dec 2014 100. respectively.000 (28th May 2014).000 20. Historical Coinbase data provided by BitcoinPulse. BitPay historical data between new merchant press release announcements of 10. calculated using linear interpolation.000 (16th Sept 2013).000 40.

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

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

Technology State of Bitcoin Q2 2014 47 .

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

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

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

bitcoin: Bitcoin is 4.28) Bitcoin: Median transaction fee is $0.004 Remittances vs.info State of Bitcoin Q2 2014 51 .070 times cheaper on a $200 transaction Source: World Bank Remittance Prices Worldwide.14% per $200 ($16.Bitcoin is 4. Blockchain.000x Cheaper Than a Typical Remittance Transaction Remittances: Average global remittance fee of 8.

Emerging Markets and Macro State of Bitcoin Q2 2014 52 .

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

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

Bitcoin users currently face a range of rules across the 50 states.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.” [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. • “The Advisory Committee can't dictate policy. especially as multicurrency accounts proliferate and reputational concerns subside”.” [Reuters] State of Bitcoin Q2 2014 55 . but the minutes can shed light on what Fed policy might look like in the future.

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

Gox in Perspective $8.Keeping Mt.9bn fine Source: Baseline Scenario State of Bitcoin Q2 2014 57 .

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