Cryptocurrencies (Digital Assets):

A Bubble, a Universal Medium of Exchange, and/or an Emerging Asset Class?

Recently Released!!!
Date Published: March 13, 2024
Summary PowerPoint Deck: 385 Slides
Reference PowerPoint Deck: 1,516 Slides

The purpose of this research is to provide readers with a comprehensive understanding of cryptocurrencies (digital assets), which were designed to work as a medium of exchange wherein individual coin ownership records are stored in digital ledgers or computerized databases using cryptography to secure transaction record entries and control the creation of additional coin records. More recently, cryptocurrencies (digital assets) have emerged as an asset class. This research addresses their history and market growth, as well as the leading cryptocurrencies and other market participants, and predictions for their future use. This research is part of Tiburon's broader coverage of individual securities & capital markets.

This research starts with a context setting chapter to define some key terms, including cryptocurrencies, cryptocurrency mining, digital assets, non-fungible tokens (NFTs), stablecoins, central bank digital currencies (CBDCs), initial coin offerings, blockchain (distributed ledgers) & decentralized finance (DeFi), the metaverse, and Web 3.0.

This research addresses the key historical phases of cryptocurrencies (digital assets), including:

  • Dismissed Phase
  • Emergence Phase
  • Broader Acceptance & Maturization Phase
  • Crypto Winter Phase
This research addresses cryptocurrencies (digital assets) market participants, including:

  • Cryptocurrencies (Digital Assets)
    • Bitcoin (BTC)
    • Ether (ETH)
    • Alt Coins
  • Merchants & Payment Networks
  • Trading Platforms
    • Broker/Dealers
    • Applications (Trading Platforms)
  • Investment Management Firms
    • Open-End Mutual Funds & Exchange Traded Funds (ETFs)
    • Trusts
    • Separately Managed Accounts (SMAs)
    • Private Funds (Limited Partnerships)
  • Clearing Brokers & Custody Banks
  • Futures Exchanges
  • Technology & Data Companies
And this research makes several future predictions for cryptocurrencies (digital assets), including:

  • Increased (Federal, State, & International (Non-United States)) Regulations to Further Legitimize Cryptocurrencies (Digital Assets)
  • Substantial Venture Capital Investments (and Potential for Substantial Mergers & Acquisitions and Initial Public Offerings (IPOs)) for Cryptocurrency (Digital Asset) & Blockchain Firms
  • Substantial Growth in Cryptocurrencies (Digital Assets) But Stagnating Acceptance of Cryptocurrencies (Digital Assets) by Merchants and Growing Acceptance of Cryptocurrencies (Digital Assets) by Payment Networks
  • Continued Dominance of Bitcoin & Ether with Alt Coins Taking Some Market Share
  • Emergence of Cryptocurrencies (Digital Assets) as an Asset Class
  • Substantial Growth in Trading Platforms, Including Entrance of Leading Brokerage Firms
  • Substantial Growth of Cryptocurrencies (Digital Assets) Investment Management Market, Including the Recent Approval of Exchange Traded Funds (ETFs)
  • Challenges to, as well as Maturation & Institutionalization of, Clearing Brokers & Custody Banks
  • Continuing Emergence of Stablecoins to be Potentially Replaced by Medium Term Growth in Central Bank Digital Currencies (CBDCs)
  • Continuing Emergence of Non-Fungible Tokens (NFTs) (Electronic Assets) as an Asset Class
  • Medium Term Growth in Blockchain Technology (Distributed Ledgers) & Decentralized Finance (DeFi)
  • Medium Term Growth in Metaverse
  • Medium Term Growth in Web 3.0

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