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Slide 37 Figure: Key variables Fundstrat Bitcoin & Blockchain presentation for Upfront Summit

Slide 37
Figure: Key variables in valuing Bitcoin and other cryptocurrencies
$ trillions, except bitcoin value
Framework for bitcoin: ~$125,000 per unit by 2022
We have created a framework for valuing bitcoin, based on the assumptions outlined below:
• In short, we looked at the projected growth of money supply (M0) and a forecast for the ratio of the
alternative currencies to M0 (gold historically is the bulk of this value). And then allocated a share to bitcoin.
Under this forecast, we see bitcoin rising to $125,000 by 2022.
Source: Fundstrat, Bloomberg
M0, or cash assets,
including currency and
is called narrow money
Money supply
Ratio of alternatives,
including gold to M0.
Ratio alternative
currency to M0
Bitcoin share of
alternative currency. 5-
year projection
Bitcoin share of
1. 2. 3.x x =
Based on 21mm
maximum units (fully
$1.55TCurrent: 487% ~3.5% ~$15,000
$2.2T2022E: 600% ~20.0% ~$125,000
7.0% 554%

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