BITCOIN AND CRYPTO UPDATE - University of Adelaide, MBA Alumni Webinar June 2020
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BITCOIN AND CRYPTO UPDATE
University of Adelaide, MBA Alumni Webinar
June 2020
RYAN KRIS.
1
TODAY’S WEBINAR
Keep in contact!
1. Crypto Economy
Ryan Kris
2. Bitcoin - post-halving Senior Manager,
Technology Advisory
3. Stablecoins
ryan.kris@bdo.com.au
4. Infrastructure & Institutions
@RyanJKris
5. Trends ryankris.com
linkedin.com/in/ryankris/
BDO DIGITAL ASSET SERVICES
We provide services for businesses planning to use, or currently transacting with crypto, and those developing products using
cryptoassets and blockchain technology.
Audit & Assurance Advisory
Financial Asset Smart Strategy Security Risk
Ownership Contract
AML/CTF Independent Asset backing audits Security audits for Services for discovery Cyber security health IT risk and control
assurance and reviews Proof of ownership and smart contract code and capture of checks, security system audits. Risk
Process controls review reserve base. Reviews to blockchain use cases. architecture and management and
and assurance reports Blockchain analysis for identify and Digital product design, roadmaps. Threat risk assessments when
Financial statement accurate and complete eliminate bugs and prototype and product assessment. Penetration using crypto. SOC2
external audit services reporting data vulnerabilities build. testing and vulnerability reporting and internal
AFSL compliance Pre and post Finance and capital assessment. Incident control frameworks
engagements deployment analysis raising to support new Response Planning development
initiatives.
3
CRYPTO ECONOMY
Source: Cambridge Centre for Alternative Finance
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BITCOIN POST-HALVING 8
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BITCOIN ECONOMICS RECAP 10
WHAT IS BITCOIN’S VALUE? 12 Source: https://charts.woobull.com/
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BTC, STILL THE BEST PERFORMING MACRO ASSET 14
CRYPTO FEAR & GREED 15
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WHY ALLOCATE TO CRYPTOCURRENCY?
Bitcoin risk - reward
”At the end of the day, the best profit-maximizing
strategy is to own the fastest horse. Just own the
best performer and not get wed to an intellectual
side that might leave you weeping in the performance
dust because you thought you were smarter than the
market. If I am forced to forecast, my bet is it will be
Bitcoin.” – Paul Tudor Jones, May 2020.
Source: https://www.scribd.com/document/460382154/May-2020-BVI-Letter-Macro-Outlook
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STABLECOINS 22
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STABLECOIN GROWTH, WHY?
1. Increase in the amount of investors holding stablecoins as “dry
powder” in anticipation of a new bull run.
2. Others have proposed that it’s a reaction to a shortage of U.S.
dollars, or a general rush to safety.
3. Another theory is that Asian OTC traders are pouring money into
stablecoins as an onramp to crypto markets.
2526 To change the footer, follow the instructions on slide 9.
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INFRASTRUCTURE & INSTITUTIONS 30
ARE THE INSTITUTIONS COMING?
• Crypto lenders, like Nexo, providе ‘Earn • Grayscale's Bitcoin Trust bought in 62,972
Interest’ services on crypto, debunking BTC over the past 12 weeks. Over that
Goldman Sachs’ claim that Bitcoin and same time frame, 125,368 coins were
gold cannot generate cash flow. mined.
• While Goldman Sachs warns against BTC’s
volatility of 76%, they endorse the far
more volatile Tesla (116%).
• Strong investment in flightier, innovation-
centered assets, like cryptocurrencies,
will always require good risk
management.
31AGREE OR DISAGREE?
YAY? NAY?
June 9th, $2 trillion asset manager Fidelity Goldman Sachs recently begged to differ.
Investments released its second annual survey
of institutional investors on digital assets. In a client call conducted on May 27th, the
The found 36% of institutional respondents have analysts said that they don’t think Bitcoin has a
some sort of exposure to the crypto market. place in a balanced portfolio. They argued that
digital assets don’t provide diversification
The reasons why Wall Street sees promise in benefits, don’t rally due to inflation, and don’t
this market. They are as follows:
produce cash flow like equities.
• Cryptocurrencies are largely uncorrelated
with other asset classes "We don’t recommend gold on a strategic or
tactical basis for clients’ investment portfolios.
• Cryptocurrencies and blockchains are “an
innovative technology play” We don't recommend bitcoin on a strategic or
tactical basis," was the presenters’ conclusion
• Digital assets have "high potential upside" on BTC.
3233 To change the footer, follow the instructions on slide 9.
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TRENDS 39
OPEN FINANCE VS TRADITIONAL FINANCE
Function Traditional Crypto DeFi
Trading Commsec Ind Reserve / Uniswap
BTC Markets
Lending CBA, Westpac BlockFi / Compound
Celsius
Stablecoins AUD Tether, USD DAI
Coin
Derivatives IG Bitmex Synthetix
DyDx
Investing Clover Bitwise Set
Open by default
Protocol
Closed by Global
default Non-custodial
High liquidity Programmable
User experience Permissionless
Fiat on-ramp
Speed
Source: Bankless, BDO.INTEREST ON CRYPTO
Source: Loanscan
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BTC ON ETHEREUM
Source: The Defiant
43DEFI BUGS, HACKS & PROTOCOL RISK
Source: DeFi: Dependency Hell Meets Finance
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