Jon MatonisFounding Director

Bitcoin Foundation

Bitcoin Exchanges:State of the Market

2015

Why Is Bitcoin Important?

“MoIP”: Money over Internet Protocol

Bitcoin Network Computational Power

Bitcoin Has Controlled Supply

Bitcoin Transaction Volume

Why Are Bitcoin

Exchanges So Important?

XBT: Proposed ISO 4217 Currency Code

Foreign Exchange Data Feeds Quoting XBT

Benefits of Bitcoin Exchanges

● Stability - Increased liquidity reduces price volatility

● Access - Exchanges provide a bridge from national fiat currencies

● Risk Management - Exchanges with margin trading, futures, or options provide critical hedging opportunities

Bitcoin Exchange Statistics

Current Leading Bitcoin Exchanges

Exchange Volume (Annual)

Exchange Volume (Monthly)

Exchange Volume Distribution

Record Day October 30th, 2015

Daily Bitcoin Trading Volume

Bitcoin Derivatives Exchanges

● Orderbook● BitMEX● LedgerX● Crypto Facilities● SolidX Partners● TeraExchange● Alt-Options● Bitnomial● Cryex● Coinut

BitfinexMagnr

Futures/Options

Margin Trading

OrderBook

BitMEX

What Does The Future Look

Like?

It’s All About Liquidity

Future Prospects

● Business models for value transfer that exploit the Bitcoin Blockchain will become prominent (Epiphyte, Abra, Align Commerce)

● Private blockchains, such as the bank trials, will begin to realize that the unparalleled security of the Bitcoin Blockchain is critical to their success

Market Capitalization

Impact on Bitcoin Exchanges

● More distinct lines drawn between leading global exchanges versus local/regional exchanges

● Sophisticated operators enter the space expanding the product offering to include various derivatives, such as futures, options, and swaps

● Evolution towards a collateralized broker/member model to better manage counterparty risk

Leading Bitcoin Price

Indices

CoinDesk BPI (Bitcoin Price Index)

Bitcoin Price Indices

● CoinDesk BPI

● TradeBlock XBX

● BitcoinAverage

● WinkDex

The Future

Thank You!

Twitter: @jonmatonisEmail: matonis@gmail.com