Quarterly Mark December 2023 - 55

EXHIBIT 10
Is Bitcoin Digital Gold?
Gold
Finite Supply
Liquid Markets
Uncorrelated
Inflation Hedge
Global Acceptance
Use in Goods
Supply increases about 2% per
year
A highly liquid market with a
huge variety of participants and
contracts
Correlations with other assets
are typically low, especially in
times of economic distress
Historically, tends to perform well
in inflationary environments
A globally recognized store of
value, held as reserve assets by
most central banks
Widely used in high-tech
manufacturing and jewellery
Bitcoin
Supply increases more slowly over
time, with a terminal limit of
21,000,000 coins
Appears to have liquid markets,
including futures contracts,*
although this can vary
Price behavior is still evolving, and
correlations with other asset
classes have recently increased
Its finite supply is attractive, but
the asset has failed to prove itself
as a hedge against inflation
Banned in a number of countries
and regarded with skepticism by
many authorities
No obvious uses beyond its value
as an asset
NOTE: Bitcoin trades 24/7, resulting in periods of relative illiquidity. This appears to be especially true on Sundays, when it exhibits
the greatest volatility.
SOURCES: Bloomberg and Invesco, data as of December 31, 2022.
have been abandoned. In total, the market capitalization of all cryptocurrencies is
approximately US$1.0 trillion.
Each cryptocurrency is differentiated based on one or more of the following
factors:
* The blockchain on which it operates and how that blockchain works,
including its consensus mechanism, speed, and scalability
* Total supply (it may be capped like Bitcoin or uncapped like Dogecoin)
* Supply distribution-whether its coins are mined or are distributed by an
entity, and the release pattern of new coins
* Its ties, if any, to a business, as with XRP (tied to Ripple) and Binance Coin
(tied to Binance)
* Its ability to embed and execute smart contracts and applications, as with
Ethereum
Not All Cryptos Are Created Equal
The great variety of cryptocurrencies stems from the very specific uses each
crypto is designed to address. But we can roughly sort cryptos into five categories
(see Exhibit 12):
Quarterly Mark | 55

Quarterly Mark December 2023

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Quarterly Mark December 2023 - Back Cover
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