From: "jeffrey E." <[email protected]>

From: "jeffrey E." <[email protected]> To: Jeffrey Epstein <[email protected]> Subject: Fwd: bitcoin - a new liquid market? Date: Tue, 25 Jul 2017 14:18:18 +0000 Forwarded message From: Morris, Paul V 4 Date: Mon, Jul 24, 2017 at 2:01 PM Subject: RE: bitcoin - a new liquid market? To: "jeevacation®gmail.com" [email protected]> Bitcoin: a new liquid market? Is bitcoin a currency? A commodity? Neither? A proper store of value like the EUR, T-bills, or gold is measured by 3 factors: safety, liquidity, and return. Diversification is a plus. Bitcoin remains very volatile. But it has experienced a surge in liquidity in the last six months, surpassing $2bn a day. Moreover, bitcoin is uncorrelated to any financial asset, commodity, or currency we study in this note. The fiipside of extreme diversification is that there is no way to explain let alone predict returns. Could bitcoin see a virtuous cycle of increased liquidity, lower volatility, attractive returns, and wider acceptance? Possibly, if regulated financial institutions move to allow bitcoin as pledgeable collateral. However, large inherent risks to digital tokens such as fraud, hacking, theft, new protocol adoption, limited acceptance, and that it is not legal tender many places in the world make it an unlikely development. From: Morris, Paul V Sent: Monday, July 24, 2017 1:51 PM To: <jeevacation®gmail.com> Subject: bitcoin - a new liquid market? Thought you would find interesting. This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at http://www.bankofamerica.com/emaildisclaimer. If you are not the intended recipient, please delete this message. please note The information contained in this communication is confidential, may be attorney-client privileged, may EFTA01039626 constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01039627