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DECENTRALIZING INNOVATION
BLOCKCHAIN AS DISRUPTIVE CATALYST - POWERING A NEW ASSET CLASS
NOVEMBER 28, 2017
ED MAGUIRE
ED@B...
THE ICT REVOLUTION SUPER-CYCLE
Maturity
1771
The Industrial
Revolution
Britain
1829
Age of Steam
and Railways
Britain
1875...
COMPARING BITCOIN TO OTHER EXPONENTIALS
Time to double (or half)
Dynamic RAM memory “half pitch”
feature size
5.4 years
Dy...
BLOCKCHAIN AS
CREATIVE CATALYST
• Exploration of potential uses of Blockchain/DLTs
recalls the Internet in the early 1990s...
AS THE DIGITAL WORLD MEETS THE PHYSICAL WORLD…
• AI/Machine Learning/Cognitive
Computing
• Virtual Reality/Augmented
Reali...
Nearly 1,300 blockchain companies spanning a wide range of industries and use cases
A diverse array of startups
Source: Ou...
Plenty of opportunities to address current challenges
BUSINESS BLOCKCHAIN - STILL EARLY DAYS
• Developers! Developers! Dev...
BTC and ETH - best performing investment assets in history
Crypto – a brand new asset class
BitCoin price hits $10k
• Vali...
TOKENS EXPANDING THE SCOPE OF CRYPTOASSETS
• Multiple types of Cryptoassets
• Cryptocurrencies
• Utility/Application Token...
BLOCKCHAIN EQUITY FUNDING HAS TRENDED RELATIVELY FLAT
• Investment into blockchain
companies has remained
fairly consisten...
CRYPTOCURRENCY RETURNS OUTPACING EQUITY INVESTMENTS,
BLOCKCHAIN VC FUNDS DIVERSIFY INTO TRADING
• PitchBook evaluated valu...
TOKEN SALES STILL GETTING THEIR “SEA LEGS”
Why do businesses go crypto? An empirical analysis of Initial Coin Offerings
Sa...
ICO FUNDS RAISED BY SECTOR N=597
Source: Outlier Ventures Research
MANY WAYS
INVESTORS
HAVE LOOKED
TO GAIN
EXPOSURE TO
BLOCKCHAIN
CAPITAL MARKETS EAGER FOR NEW ASSETS
US listed stocks declined from 7,322 in
1996 to 3,671 in 1996 as a result of M&A,
del...
LOOKING FOR MORE THAN OLD WINE IN NEW BOTTLES
The number of US Equity ETFs (Exchange
Traded Funds) continues to grow to ov...
A CRYPTOASSET INVESTMENT ECOSYSTEM IS TAKING SHAPE
Source: BBFund
The first digital native asset class has arrived
INVESTING CRYPTOASSETS
• Cryptoassets >$300 billion - larger than the OTC...
Ed Maguire
ED@BLUEMONTPARTNERS.COM
Twitter @eemaguire
Telegram @edmaguire
Lisa Chai
LISA@BLUEMONTPARTNERS.COM
BLUEMONT PAR...
Decentralizing  Innovation - Blockchain as Disruptive Catalyst - Powering a New Asset Class
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Decentralizing Innovation - Blockchain as Disruptive Catalyst - Powering a New Asset Class

Blockchain is disruptive technology and cryptoassets are a new asset class poised for institutional investments. Cryptoassets are valued around >$300 billion - larger than the OTC market, but still less than FB ($538 billion). Low/negative correlation to other asset classes. Growing supply (228 completed ICOs in 2017, CBOE LedgerX derivatives, CME BTC Futures, GBTC)
Liquidity, market depth increasing. Regulated exchanges, qualified custody solutions on the way
Market inefficiencies offer alpha opportunities
Well funded ICOs are investing for growth in 2018 and beyond
ICO research and cryptoasset advisory are nascent




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Decentralizing Innovation - Blockchain as Disruptive Catalyst - Powering a New Asset Class

  1. 1. DECENTRALIZING INNOVATION BLOCKCHAIN AS DISRUPTIVE CATALYST - POWERING A NEW ASSET CLASS NOVEMBER 28, 2017 ED MAGUIRE ED@BLUEMONTPARTNERS.COM
  2. 2. THE ICT REVOLUTION SUPER-CYCLE Maturity 1771 The Industrial Revolution Britain 1829 Age of Steam and Railways Britain 1875 Age of Steel and heavy Engineering Britain/USA/Germany 1908 Age of Oil, Autos and Mass Production USA 1971 The ICT Revolution USA Internet mania, Telecoms, emerging markets, Financial casino & housing Sustainable global "golden age"? 5th London funded global market infrastructure build- up (Argentina, Australia, USA) Belle Epoque (Europe) "Progressive Era" (USA) 3rd The Roaring Twenties Autos, housing radio, aviation electricity Post-war Golden Age 4th 1st Canal mania Great British leap 2nd Railway mania The Victorian Boom INSTALLATION PERIOD Bubble collapse DEPLOYMENT PERIOD No., date, revolution, core country TURNING Bubble prosperity POINT Golden Age prosperity 1793-97 1848-50 1890-95 Europe 1929-33 USA 1929-43 2007/08 -???? Source: Carlota Perez, Technology Revolutions and Financial Capital
  3. 3. COMPARING BITCOIN TO OTHER EXPONENTIALS Time to double (or half) Dynamic RAM memory “half pitch” feature size 5.4 years Dynamic RAM memory (bits per dollar) 1.5 years Average transistor price 1.6 years Microprocessor cost per transistor cycle 1.1 years Total bits shipped 1.1 years Processor performance in MIPS 1.8 years Transistors in Intel microprocessors 2.0 years Microprocessor clock speed 2.7 years Source: Willy Woo, CoinDesk Blockchain users estimated to double every 12 months Source: KurzweilAI.net
  4. 4. BLOCKCHAIN AS CREATIVE CATALYST • Exploration of potential uses of Blockchain/DLTs recalls the Internet in the early 1990s. • “Inside-out” networked security model • Cryptocurrencies • Decentralized Organizations • Tokenization • Smart Contracts • Distributed Applications • ICO’s (Initial Coin Offerings)
  5. 5. AS THE DIGITAL WORLD MEETS THE PHYSICAL WORLD… • AI/Machine Learning/Cognitive Computing • Virtual Reality/Augmented Reality • Open source models • Digital trust • Everything as a Service • Energy and transportation get smart • Smarter moving machines • Robotics • 3D Printing • Connected Industry/Connected Life • Computational biology Blockchain provides key building blocks for combinatorial innovation
  6. 6. Nearly 1,300 blockchain companies spanning a wide range of industries and use cases A diverse array of startups Source: Outlier Ventures
  7. 7. Plenty of opportunities to address current challenges BUSINESS BLOCKCHAIN - STILL EARLY DAYS • Developers! Developers! Developers! • Pressing needs to solve key challenges: • Accelerate transaction speeds on public blockchains, • Increase energy efficiency, • Ensure application security, • Ease of integration • Proof of concepts poised to go live in 2018 • Blockchain-as-a-Service offerings from IBM, Microsoft, SAP, Oracle etc. increase trust in the technology. • New innovations: Distributed Ledger Technologies (DLTs) like IOTA, Hashgraph, NEO, Lightning Protocol
  8. 8. BTC and ETH - best performing investment assets in history Crypto – a brand new asset class BitCoin price hits $10k • Validation as a store of value • Resilience to disruption (China exchange ban Transaction volumes up 5X in 2017
  9. 9. TOKENS EXPANDING THE SCOPE OF CRYPTOASSETS • Multiple types of Cryptoassets • Cryptocurrencies • Utility/Application Tokens • Commodity Tokens (compute, storage) • Security tokens • ICO’s (Initial Coin/Cryptoasset Offerings) have raised USD$3.6 billion to date, surpassing early stage VC funding • Democratizing early stage investment? Source: CoinDesk
  10. 10. BLOCKCHAIN EQUITY FUNDING HAS TRENDED RELATIVELY FLAT • Investment into blockchain companies has remained fairly consistent (excluding the C$4.8 billion D+H and Misys deal). • Much blockchain technology investment is occurring on corporate balance sheets. • Another factor has been the popularity of ICOs, which have raised a cumulative $3.4bn to date
  11. 11. CRYPTOCURRENCY RETURNS OUTPACING EQUITY INVESTMENTS, BLOCKCHAIN VC FUNDS DIVERSIFY INTO TRADING • PitchBook evaluated valuation step-up data for blockchain industry VC deals. Only 16 of 32 follow-on valuations rose at a higher pace than Bitcoin • The fact they are follow-ons suggest attractive business models, and none of these step-up rounds involved an exit for investors. • At least 70 VCs are forming cryptocurrency hedge funds that combine trading with VC investing with the trading desks, risk management protocols and cybersecurity of institutional hedge funds.
  12. 12. TOKEN SALES STILL GETTING THEIR “SEA LEGS” Why do businesses go crypto? An empirical analysis of Initial Coin Offerings Saman Adhami*, Giancarlo Giudici**, Stefano Martinazzi** • In 2016, 18% of Initial Coin Offerings did not succeed • From January through August 2017, 19% of ICOs did not succeed • As marketing, legal and accounting costs increase and regulators provide more specificity, it will become more difficult for questionable ideas to succeed
  13. 13. ICO FUNDS RAISED BY SECTOR N=597 Source: Outlier Ventures Research
  14. 14. MANY WAYS INVESTORS HAVE LOOKED TO GAIN EXPOSURE TO BLOCKCHAIN
  15. 15. CAPITAL MARKETS EAGER FOR NEW ASSETS US listed stocks declined from 7,322 in 1996 to 3,671 in 1996 as a result of M&A, delistings and take-privates New issues (IPOS) have declined from an annual average of 282 from 1976-2000 to 114 per year since
  16. 16. LOOKING FOR MORE THAN OLD WINE IN NEW BOTTLES The number of US Equity ETFs (Exchange Traded Funds) continues to grow to over 700 The shift from active to passively managed funds continues to pick up speed ETFs just repackage existing equities
  17. 17. A CRYPTOASSET INVESTMENT ECOSYSTEM IS TAKING SHAPE Source: BBFund
  18. 18. The first digital native asset class has arrived INVESTING CRYPTOASSETS • Cryptoassets >$300 billion - larger than the OTC market, but still less than FB ($538 billion) • Low/negative correlation to other asset classes • Growing supply (228 completed ICOs in 2017, CBOE LedgerX derivatives, CME BTC Futures, GBTC) • Liquidity, market depth increasing • Regulated exchanges, qualified custody solutions on the way • Market inefficiencies offer alpha opportunities • Well funded ICOs are investing for growth in 2018 and beyond • ICO research and cryptoasset advisory are nascent
  19. 19. Ed Maguire ED@BLUEMONTPARTNERS.COM Twitter @eemaguire Telegram @edmaguire Lisa Chai LISA@BLUEMONTPARTNERS.COM BLUEMONT PARTNERS

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