Transcription
March 31, 2021DIGITAL ASSETSThe Investment Case forBitcoin
VanEck Overview3Bitcoin as a Potential Store of Value8Bitcoin’s Role in an Investment Portfolio15Accelerating Bitcoin Adoption24
The Investment Case for BitcoinCorporate Overviewvaneck.com/digital-assetsToday, VanEck manages approximately 71.2 billion in assets 0.9B 2.1B Global headquarters in New York with robust lineups of local funds inEurope and Australia 311 full-time staff, including 49 investment professionals; portfoliomanagers average 24 years of experience Lead portfolio managers all have direct experience in the sectors andregions in which they invest Institutional and wealth management clients Active funds and smart beta ETFs have won numerous performanceawards 4.4BGlobal and International EquityEmerging Markets Equity 5.5BMunicipal Bonds 5.6BCorporate BondsU.S. Equity 40.3B 6.0B 6.4BEmerging Markets and International BondsEquity IncomeAsset Allocation, Commodities and Digital AssetsData as of March 31, 2021. Awards received available at erage/awards/Strategies offered in mutual, pooled and off-shore funds, separate accounts, variable insurance portfolios, sub-advisory, ETFs and limited partnerships3
The Investment Case for BitcoinMission and Historyvaneck.com/digital-assetsVanEck’s mission is to strengthen portfolios by offering forward looking, intelligent solutions Transformative Investments: Started offering active strategies in international equities (1955), gold shares (1968), emerging markets(1993); added passive strategies in 2006 and has emerged as top 10 ETF sponsor globally Private Ownership: As an independent, private firm we can focus on client interests with a long-term perspective Accessible Management: We pride ourselves on being available to clients and engaging directly with them4
The Investment Case for BitcoinVanEck Digital Asset Capabilitiesvaneck.com/digital-assetsVanEck is committed to supporting long-term, structural innovation of digital asset products and market innovationIn early 2017, VanEck determined that digital assets could provide: A store of value alternative to existing currencies and gold A host of technology solutions that could bring costs down dramatically in the payments and financial investing industriesWe have undertaken an array of initiatives to bring investments in these areas to our clients while helping build out the ecosystemProfessional Pricing andIndexingRegulatory andInstitutionalizationMarket Structure andIndustry RelationshipsVanEck’s subsidiary MV IndexSolutions (MVIS) was the firstregulated index provider to offerdigital asset indices to meetindustry benchmarkingstandards.*VanEck is advancing theinstitutionalization of digitalassets by closely interfacingwith global regulators on digitalasset ETPs, indexing,surveillance and otherimportant market issues.VanEck and MVIS, haveaccess to reputableorganizations necessary for theoperating of a pooledinvestment vehicle includingindexing, custodians, traders,administration, accounting andother partners.Research and MediaVanEck regularly publishesprofessional research andactively participates in forms ofmainstream and social mediaregarding bitcoin and otherdigital assets.* -index-series-press-releaseExperience andExecution CapabilityVanEck is experienced insuccessfully running anefficient, regulated bitcoin ETPin Europe. As a leading ETFprovider, VanEck trades withprofessional marketparticipants.5
The Investment Case for BitcoinVanEck Digital Assets Team and Resourcesvaneck.com/digital-assetsU.S. BusinessExperienced team spanning product management, research,trading, global risk, legal and compliance. Additional resourcesavailable across VanEck’s shared resource departmentsEurope Business Product management and trading teammanages an ETP registered and traded in EuropeGabor GurbacsDirector, Digital Asset StrategyMVIS/CryptoCompareMatthew SigelHead of Digital Assets ResearchKyle DaCruzDirector, Digital Assets Product MVIS offers digital asset indices to meet industrybenchmarking standards CryptoCompare is the industry’s leading data providerbased in London and is a service provider to MVISStrategic Investments Shareholder in leading Canadian crypto managerof open-end fundsDenis ZinovievAssociate Product Manager, Digital Assets Product Venture capital investments across the cryptoopportunity spectrum6
The Investment Case for BitcoinDigital Assets Leadershipvaneck.com/digital-assetsGlobal scope of product and market innovation VanEck is a leader in digital asset product construction and institutionalization Diverse experience across various elements of the burgeoning digital asset market including indexing, product development and regulatory* The fund does not invest in cryptocurrencies directly or indirectly7
Bitcoin as a Potential Store of Value
The Investment Case for BitcoinCurrent Market Conditions Support Bitcoinvaneck.com/digital-assetsMacro environment and investment case Unprecedented generational wealth transfer gives rise to new investment themes such as digital assets* Central bank stimulus and negative yielding bonds create new appeal for assets like bitcoin and gold Bitcoin’s increasing scarcity may be a driver for bitcoin growth Historically, the price of bitcoin has increased following halvings**—Halving is defined as a 50% block reward cut to bitcoin production rate. Halvings are programmed into bitcoin and occur roughly everyfour years* Source: Cerulli Associates.** Source: Morningstar. Data as of 3/31/2021.Please see important disclosures at the end of this presentation.9
The Investment Case for BitcoinPotential Generational Wealth Transfervaneck.com/digital-assetsNew investment themes emerge: Bitcoin, digital assets, eSports and innovationData as of 10/29/2019Source: Cerulli Associates.10
The Investment Case for BitcoinBitcoin/Digital Assets are in the Early Days of Adoptionvaneck.com/digital-assetsS-Curve represents a theoretical framework for understanding theadoption of new technologies across a given population or market shareWhen compared against a baselineof traditional finance adoption (bankaccount or mobile money provider),digital transformation is still youngEarly Stage*Source: VanEck, Statista as of 3/31/21.Digital Transformation AdoptionTraditional Bank Accounts Digital transformation is still inits early stages 68m crypto users around theworld represents less than 1%of the world’s population*Late Stage11
The Investment Case for BitcoinCentral Bank Balance Sheets have Ballooned Since 2020vaneck.com/digital-assetsAggregate G-6 central bank balance sheet ( TN)Central Bank Expansion 30 Expanding central bank balancesheets could potentially lead to ainflationary environment as themoney supply increases In inflationary environments, scarceassets like commodities, real estateand bitcoin may act as a hedgeagainst loss of purchasing powerForecast 25USD (Trillion) 20 15 10 5 BA201620172018201920202021BoCSource: Bank of America Global Research. Data as of 3/31/2021. Fed represents the U.S. Federal Reserve; ECB represents the European Central Bank; BoE represents the Bankof England; BoJ represents the Bank of Japan; RBA represents the Reserve Bank of Australia; BoC represents the Bank of China.12
The Investment Case for BitcoinNegative Yields Make Gold and Bitcoin Look Attractivevaneck.com/digital-assetsGlobal supply of negative yielding bondsLess than Zero?A significant portion of the world’sinvestment-grade debt is now sub-zeroyielding201816USD (Trillion)14121086420Bloomberg Barclays Global Aggregate Negative-Yielding Debt IndexSource : Bloomberg. Data as of 3/31/2021.13
The Investment Case for BitcoinBitcoin’s Environmentally Conscious Impactvaneck.com/digital-assetsBitcoin and bitcoin mining is becoming more environmentally conscious Bitcoin’s energy consumption is a feature, not a bug—Energy consumption is necessary to operate the bitcoin network, similar to financial systems and otherinfrastructure—Bitcoin’s high energy requirement helps the network maintain its security, reliability and speed.Energy cost per transaction is an often quoted but misleading point—Energy consumption is not necessarily equivalent to carbon dioxide emissions and environmental pollution—One transaction can contain hundreds or thousands of bitcoin payments (batching, second layersettlements)76%Use renewableenergiesStranded energy and miner mobility— Bitcoin miners are already usingrenewablesBitcoin miners are mobile and able to relocate to take advantage of cheaper, cleaner or seasonally availableexcess energyPotential catalyst for increasing use of renewables—According to the World Economic Forum, bitcoin could become a storage solution for excess renewableenergy generated by homes, remote industrial facilities and smart cities—There are bitcoin mining companies today that purely focus on environmentally conscious miningSource: VanEck, Cambridge Centre for Alternative Finance39%Of total energyconsumptioncomes fromrenewables14
Bitcoin’s Role in an Investment Portfolio
The Investment Case for BitcoinA Small Bitcoin Allocation May Improve Portfolio Upsidevaneck.com/digital-assets2/1/2012 - 3/31/2021Asymmetric Return Profile300A small allocation to bitcoin significantlyenhanced the cumulative return of a 60%equity and 40% bonds portfolio allocationmixCumulative Return %25020015010050060% Equities (as represented by the S&P 500 Index) / 40% Bonds (as represented by the Bloomberg Barclays US Aggregate Index)59.75% Equities / 39.75% Bonds / 0.5% Bitcoin59.5% Equities / 39.5% Bonds / 1% Bitcoin58.5% Equities / 38.5% Bonds / 3% BitcoinS&P 500 IndexBloomberg Barclays US Aggregate IndexSource: Morningstar. Data as of 3/31/2021. Portfolios are rebalanced monthly. Cumulative return is defined as the total return earned by the hypothetical portfolio over the entireinvestment time period.The information presented is shown for illustrative, informational purposes only. The returns shown are model results only and do note represent the results of actual trading ofinvestor assets. Thus, the performance shown or discussed does not reflect the impact that material economic and market factors had or might have had on decision making if actualinvestor money had been managed. Fees and charges would cause actual performance to be lower than the performance shown. Diversification does not assure a profit nor does itprotect against loss of principal. Indices are not securities in which investments can be made.Please see important disclosures and index descriptions at the end of this presentation.16
The Investment Case for BitcoinBitcoin Historically Outperforms Traditional Asset Classesvaneck.com/digital-assets2/1/2012 – 3/31/2021Differentiated Performance10,000,000Bitcoin has performed well versus majorindicesGrowth of 1001,000,000100,000Most long term periods such as 3 and 5year have been historically positive forBitcoin10,0001,0001001011 Month3 MonthsYTDBitcoin35.29107.86107.86S&P 5004.386.17USBonds-1.25GoldACWI1 YearSinceInception(2/1/2012 –3/31/2021)3 Years5 936.78-0.162.464.184.1852.2110.0011.078.58Source: MVIS. Data as of 3/31/2021. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; ACWI is measured bythe MSCI ACWI Index. Returns for periods less than one year are not annualized. It is not possible to invest directly in an index.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.17
The Investment Case for BitcoinBitcoin Addition has Minimal Impact on Long-Term Volatilityvaneck.com/digital-assets2/1/2012 – 3/31/2021Risk Return ProfileSince Inception Since Inception5 YearSince Inception Since Inception Since InceptionReturnReturnReturnStd DevMax Drawdown Sharpe Ratio(Annualized)(Cumulative)1 YearReturn3 YearReturnS&P 500 mberg Barclays US Aggregate Index0.714.653.102.8629.463.05-3.670.7360% Equities / 40% % Equities / 39.75% Bonds / 0.5% 5% Equities / 39.5% Bonds / 1% 5% Equities / 38.5% Bonds / 3% .880.97Historically, a small allocation to bitcoinminimally impacts portfolio volatility whileincreasing its Sharpe ratio at a 3%allocationSource: Morningstar. Data as of 3/31/2021. Portfolios are rebalanced monthly. Returns for periods less than one year are not annualized. Cumulative return is defined as the total return earned by thehypothetical portfolio over the entire investment time period. Annualized Return is defined as the compound rate of return, which, over a certain period of time, would produce a fund’s total return overthat same period. Std Dev (standard deviation) is defined as the statistical measurement of dispersion about an average, which depicts how widely a portfolio’s returns varied over a certain period oftime. Max Drawdown is defined as the peak to trough decline during a specific record period of an investment of fund. Usually quotes as the percentage between the peak to the trough. Sharpe Ratio is arisk-adjusted measure, calculated by using standard deviation and excess return to determine reward per unit of risk.The information presented is shown for illustrative, informational purposes only. The returns shown are model results only and do note represent the results of actual trading of investor assets. Thus, theperformance shown or discussed does not reflect the impact that material economic and market factors had or might have had on decision making if actual investor money had been managed. Fees andcharges would cause actual performance to be lower than the performance shown. Diversification does not assure a profit nor does it protect against loss of principal. Indices are not securities in whichinvestments can be made.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.18
The Investment Case for BitcoinBitcoin and Large-Caps Decouple From Small-Capsvaneck.com/digital-assets12/31/2018 – 3/31/2021Differentiated PerformanceAs the digital asset industry has matured,Bitcoin decouples from small caps anddrives large-cap index performance1540%1,443%1440%1340%1240%Cumulative Return %1140%1040%940%891%Bitcoin to small cap performancedifference has been 552% and the largecap to small cap performance differencehas been approximately 471% since thestart of 2019 as illustrated by the %-60%MVIS CryptoCompare Bitcoin PriceMVIS CryptoCompare Digital Assets 10MVIS CryptoCompare Digital Assets 100 Small-CapSource: FactSet/MVIS, Data as of 3/31/2021. Indices are not securities in which investments can be made.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.19
The Investment Case for BitcoinBitcoin Offers Portfolio Diversificationvaneck.com/digital-assets2/1/2012 – 3/31/2021CorrelationS&P 500US BondsBitcoinGoldUS RealEstateOilEmerging MarketCurrenciesS&P 500--0.040.160.040.630.550.44US .06-0.010.09-0.01Gold0.040.46-0.06-0.080.060.42US Real 060.29-0.32Emerging Market Currencies0.440.37-0.010.420.450.32-Source: Morningstar. Data as of 3/31/2021. US Bonds is measured by the Bloomberg Barclays US Aggregate Index; Gold is measured by the S&P GSCI Gold Spot Index; US RealEstate is measured by the MSCI US REIT Index; Oil is measured by the Brent Crude Oil Spot Price Index, Emerging Market Currencies is measured by the Bloomberg Barclays EMLocal Currency Government Index. Indices are not securities in which investments can be made.Correlation is defined as a statistic that measures the degree to which two or more securities move in relation to eachother.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.Low correlation with traditional assetclasses such as broad market equityindices, bonds and goldPotential for increased portfoliodiversification20
The Investment Case for BitcoinBitcoin Halving Illustrates Scarcity-Driven Historical Growthvaneck.com/digital-assets2/1/2012 – 3/31/2021Halving and Historical GrowthHalving is defined as a 50% block rewardcut to bitcoin production rate. Halvings areprogrammed into bitcoin and occurroughly every four years (210,000 blocks)10,000,0001,000,000Growth of 100100,0003rd halving5/11/2020Bitcoin price: 8,893.5210,0001,000Historically, given the increasing scarcityinduced by halvings, the price of bitcoinhas increased following halvings over thecourse of Bitcoin’s lifecycle2nd halving7/9/2016Bitcoin price: 657.61100101st halving11/28/2012Bitcoin price: 12.221Source: Morningstar. Data as of 3/31/2021.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.21
The Investment Case for BitcoinStock to Flow Ratio Illustrates Bitcoin Growth Potentialvaneck.com/digital-assetsWhy Bitcoin has Value: ScarcityStock to Flow DetailsThe stock to flow ratio is defined as theamount of an asset that is held in reservesdivided by the amount of that assetproduced for a selected time periodThe below stock to flow data suggest thatbitcoin may have potential to grow basedon historical data and scarcitycharacteristics of bitcoin, gold and silverSource: Medium, “Modeling Bitcoin’s Value with Scarcity,” May 13, 2021.Please see important disclosures and index descriptions at the end of this presentation. Past performance is no guarantee of future results.22
The Investment Case for BitcoinBitcoin Market Structure Risksvaneck.com/digital-assetsBitcoin risks to consider include: Hacking of trading platforms and participants in the life cycle of a trade (usually social engineering) Price volatility Encryption vulnerability; developments in quantum computing (which would increase success of private key hacking; credit cards morevulnerable nevertheless) Novelty/extreme early stage of many applications Unintentional coding error Can miners and developers “run” the “core” software? (Linux is a good example for successful execution) Ecosystem design Will payments continue to sustain processing and verification activities?Please see important disclosures and index descriptions at the end of this presentation.23
Accelerating Bitcoin Adoption
The Investment Case for BitcoinStrong Momentum in Crypto Adoptionvaneck.com/digital-assetsPublic Companies Buying Bitcoin on their Balance Sheets A number of public and private companies started investing in bitcoin as an alternative to holding cash on their balance sheet. These public companies buy bitcoin on cryptoexchanges as no bitcoin ETFs are available to them. Tesla, Square, MicroStrategy, Marathon Patent Group are just a few examples that amassed hundreds of millions to billionsof dollars in bitcoin exposure*U.S. Approved Bitcoin Product The U.S. SEC approved a 1940 Act bitcoin interval fund that invests in bitcoin futures (NYDIG, Stone Ridge Trust VI)**Public Payments Companies with Tens of Millions of Users Offer Bitcoin Paypal launched a new service enabling bitcoin and digital asset buying and selling capability to their network. They service 26 million merchants and 346 million clients globally***.SoFi, Robinhood and others offer similar solutions and banks seeking to offer bitcoin to compete with fintech offerings to serve their client-base in a regulatory-conscious wayOther Developed Market Regulators Approved Bitcoin ETPs Canada, Brazil, Germany and other nations have approved bitcoin ETPs for trading on public markets. U.S. investors are getting bitcoin fund exposure in foreign jurisdictionsbecause regulated U.S. bitcoin ETPs are not availableBTC Available via CFTC Supervised Markets CFTC approved CME Bitcoin Futures markets are now of significant size and used for hedging****OTC Traded Funds are Growing In Assets and Number Investors are getting exposure to bitcoin through pooled investment vehicles that are traded OTC with significant premiums/discounts. Individuals, mutual funds and pension fundsare forced to get access to bitcoin through these highly inefficient vehicles as regulated U.S. bitcoin ETPs are not availableIPOs Digital asset companies are increasingly going public. Investors are getting indirect exposure to digital assets in the public markets anyways* https://bitcointreasuries.org/** 0119312519301050/d693146dn2a.htm*** Paypal**** CMEPlease see important disclosures and index descriptions at the end of this presentation.25
The Investment Case for BitcoinCME Bitcoin Futures Contract Sets New Trading Recordvaneck.com/digital-assetsCME Bitcoin Futures Average Daily Open InterestCME Bitcoin Future Details1 CME Bitcoin Futures contractrepresents the equivalent of 5 bitcoins.12,00011,10810,514# of BTC 24,6293,8223,3563,3392,8732,0002,4051,5230Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021Source: CME Group. Data as of 3/31/2021. Futures carry additional risks and are not suitable for all investors.Please see important disclosures and index descriptions at the end of this presentation.26
The Investment Case for BitcoinBitcoin Trading is Not Concentratedvaneck.com/digital-assets1 Month (4/12/2021 – 5/12/2021)Exchange6 Month (11/12/2020 – 5/12/2021)Volume (BTC)Market KBitstamp222KGeminiBitbayVolume (BTC)Market x.io48.4K0.38%Source: Bitcoinity. Data as of May 2021.Please see important disclosures and index descriptions at the end of this 27
The Investment Case for BitcoinBitcoin Ownership Seems Well Distributed/Not Concentratedvaneck.com/digital-assets% BTC Owned in Various Wallet Ranges30.00%Additional Considerations27.4%25.00%Multiple wallets per person22.8%21.1%Digital asset exchange wallets representbitcoin holdings of multiple %0.1%0.00%100,000 - 1,000,000Amount BTC Owned10,000 - 100,0001,000 - 10,000Number of Wallets100 - 1,000Amount Owned10 - 1001.0-100.1 - 1Total % Owned0.01 - 0.10.001 - 0.01Cumulative % Owned100,000 - 1,000,000325,713,370,7002.4%2.4%10,000 - 100,00084126,222,996,85212.0%14.4%1,000 - 10,0002092289,381,126,10027.4%41.8%100 - 1,00013996223,270,061,87721.1%62.9%10 - 88,969,4409.1%94.8%0.1 - 1239774742,450,808,7664.0%98.8%0.01 - 0.1576256010,522,035,9391.0%99.8%0.001 - 0.0193984942,034,119,5720.1%100.0%Source: Bitcoin Blockchain; as of May 2021.Please see important disclosures and index descriptions at the end of this presentation.28
The Investment Case for BitcoinBitcoin Adoption Continues: Nodes and Usersvaneck.com/digital-assetsApproximately 10,000 Bitcoin Mining Nodes and 100,000 Full Nodes9399 NodesTop 10 countries with their respective number ofreachable nodes are as follows A full-node is a computer that downloaded and continuously updates a fullcopy of the Bitcoin-blockchain (You can host your own full node with as little as200GBs! It’s your own mini bank!)A mining node is a computer that participates in the verification of transactionson the Bitcoin-blockchain* n/a represents unknown locations, but likely are mining pools.Source: Bitnodes.com. Data as of May 2021.Please see important disclosures and index descriptions at the end of this presentation.RankCountryNodes1United States1940 (20.76%)2Germany1816 (19.43%)3n/a*1394 (14.91%)4France595 (6.37%)5Netherlands407 (4.35%)6Canada320 (3.42%)7United Kingdom267 (2.86%)8Russian Federation232 (2.48%)9China191 (2.04%)10Finland156 (1.67%)29
The Investment Case for BitcoinBitcoin Adoption Continues: On-Chain Transactionsvaneck.com/digital-assetsDaily Confirmed Bitcoin Transactions500,000Significant Transaction VolumeBitcoin transactions cross 300,000permissionless transactions a dayexhibiting significant network ce: Blockchain.info. Data as of March 2021.Please see important disclosures and index descriptions at the end of this presentation.30
The Investment Case for BitcoinTracking Bitcoin Adoption Off-Chainvaneck.com/digital-assets A number of applications are being built on Bitcoin and there is a natural evolution taking place Sidechains could be the next step in boosting Bitcoin adoption as they allow for scalability and customizations while retainingBitcoin’s security properties Built on top of the Bitcoin-blockchain, the Lightning Network pushes the boundaries of Bitcoin payment capabilities with lowercosts and faster speeds Taking advantage of Bitcoin’s trust-minimized features, Microsoft works to build a decentralized identity platform on the Bitcoinblockchain** MicrosoftPlease see important disclosures and index descriptions at the end of this presentation.31
The Investment Case for BitcoinSidechains Supercharge Bitcoin Capabilitiesvaneck.com/digital-assets Established code base – Sidechains are based on Bitcoin-blockchainarchitecture Security – Sidechains preserve the most important security properties of theBitcoin-blockchain Scalability – Sidechain transactions make verification faster (Example: TheLiquid sidechain supports Lightning enabling scalability up to millions oftransactions per second Privacy – Confidential transactions increase privacy for network participants Customization – Possible to apply investor restrictions on sidechains, Bitcoinis permissionlessPlease see important disclosures and index descriptions at the end of this presentation.32
The Investment Case for BitcoinLightning Network is a Significant Payments Layer on Bitcoinvaneck.com/digital-assets The Lightning Network – Is a payment-focused layer 2 application built ontop of the Bitcoin-blockchain (almost like a sidechain but different) Scalability – Millions of transactions per second vs Bitcoin (7 tx/sec) andVisa (45,000 tx/sec)* Cost – Bitcoin transactions to reduce to fraction of a cent, instead of dollars Privacy – Retained from Bitcoin network; identity only posted when lightningchannel closed Importance – Decentralized and trust-minimized transactions to competewith established centralized payment networks such as Visa, MasterCard,PayPal, etc * Visa. Data as of 08/2017.Please see important disclosures and index descriptions at the end of this presentation.33
The Investment Case for BitcoinMicrosoft Secures Online Identity Using Bitcoinvaneck.com/digital-assets What? Decentralized online identity platform; secure trust-minimized login Who? Microsoft decides to build it on Bitcoin Where? Built on top of the Bitcoin-blockchain (layer 2) Why? Online identity is centralized, fragmented and prone to theft When? Launched on testnet in May 2019** MicrosoftPlease see important disclosures and index descriptions at the end of this presentation.34
The Investment Case for BitcoinOther On Chain Developments to Monitorvaneck.com/digital-assets Taproot: Soft fork that aims to enhance Bitcoin’s privacy measures, smart contract flexibility, and ability to maskcomplex transactions on the blockchain Schnorr Signature Algorithm: A digital signature algorithm well-known for the ability to aggregate multiple signatureinto a single one, which makes transactions indistinguishable, thus increasing privacy. Simplicity: Low-level programming language and machine model for blockchain-based smart contracts.Please see important disclosures and index descriptions at the end of this presentation.35
The Investment Case for BitcoinNo Jargon Bitcoin Contentvaneck.com/digital-assetsVanEck is committed to communicating with clients clearly about the opportunities and risks associated with bitcoinand other digital assetsBlog Series:The Latest on Bitcoin—Without the JargonNo Jargon Answer to What is Bitcoin?Why Invest in Bitcoin?The Investment Case for BitcoinBitcoin Is in a Supply ShortageBitcoin Mining and ESG PresentationThe DeFi Threat to Wall StreetDispatch from the Bitcoin Conference: Meet the Other MaximalistsPodcast SeriesNo Jargon Bitcoin – Ep. 1 What is Bitcoin with Pierre RochardNo Jargon Bitcoin – Ep. 2 Bitcoin’s Growing Popularity with InstitutionsNo Jargon Bitcoin – Ep. 3 How to Trade Bitcoin with Ari PaulTwitter: Crypto market insights and commentary provided by @gaborgurbacs and @vaneck us36
Index Definitionsvaneck.com/digital-assetsAll indices are unmanaged and include the reinvestment of all dividends but do not reflect the payment of transactions costs, advisory fees or expenses that aretypically associated with managed accounts or investment funds. Indices were selected for illustrative purposes only and are not securities in which investmentscan be made. The returns of actual accounts investing in natural reso
with global regulators on digital asset ETPs, indexing, surveillance and other important market issues. Regulatory and Institutionalization VanEck and MVIS, have access to reputable organizations necessary for the operating of a pooled investment vehicle including indexing, custodians, traders, administration, accounting and other partners.
