Legal Seminar, Denver, CO

Innovators ‐ Cryptocurrencies

Cryptocurrency

# Issued

Value (US $)/Unit Market Cap (US $)

% of M2

Bitcoin

17,102,053 100,297,924 17,189,816 57,139,058 16,165,751 39,245,304,677

6,316.91 $                  466.45 $                     0.49 $                          765.04 $                     83.92 $                       129.39 $                    

108,032,153,271 $         46,784,012,663 $           19,071,273,952 $           13,150,815,123 $           4,795,164,370 $             2,091,749,373 $            

0.770% 0.334% 0.136% 0.094% 0.034% 0.015%

Etherium

Ripple

Bitcoin Cash

Litecoin Monero

M2 Money Supply (US $, May 2018)

14,024,200,000,000 $  

Source of Data:  https://bitinfocharts.com/  (as of 6/25/18); https://www.federalreserve.gov/releases/h6/current/default.htm (May 2018)

Cryptocurrencies • Evolutionary history has a “missing link”  (IMHO). – See “The Eureka Moment that Made Bitcoin  Possible”  WSJ, May 25, 2018 (tracing conceptual  underpinnings to an effort to protect the historical  record through distributed ledger technology) – The conventional wisdom traces virtual currency  to a 2008 paper by Satoshi Nakamoto (a  pseudonym), but the seeds of the idea came in  1991.  (Concept first; application later)