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employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or constitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

Highlight

Mt.Gox Bitcoin Bitcoin

Bitcoin

(Virtual currency Crypto currency) Bitcoin (Commodity)

Bitcoin Bitcoin

Bitcoin Mt.Gox 28 .. Mt.Gox Bitcoin Exchange Mt. Gox Bitcoin Mt.Gox 750,000 Bitcoin Mt.Gox 100,000 ( Bitcoin565 Bitcoin 480 7% Bitcoin ) Mt. Gox127,000 1,000 Mt.Gox 32.4

Mt.Gox Bitcoin

Flexicoin Bitcoin Bitcoin Bitcoin 896 600,000

Bitcoin SilkRoad Silk Road FBI

8 2014Bitcoin Mt.Gox

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

Bitcoin coindesk.com 2014 Venture capital (Start-up)

Bitcoin

64

ATM

Bitcoin

Bitcoin Winklevoss Bitcoin ETF NASDAQ Overstock Zynga Bitcoin Ebay Expedia Dish Network blockchain.com Bitcoin Wallet 1.8 (1)

Bitcoin Bitcoin 2009 2013 ( 2)

Federal Reserve Bank of St. Louis1

Bitcoin 40 2,000 115 bitcoincharts.com Bitcoin (CNY) (USD)( 3) Exchange Okcoin ( 4) Bitcoin Bloomberg2

Bitcoin 1,100 ( 5) Bitcoin 620

(Cyber exchange)

Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin

Bitcoin (e-money) (foreign currency) (private money)

Bitcoin Bitcoin

Financial Services Agency (FSA) Bitcoin

1http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf

2http://www.bloomberg.com/news/2013-08-22/why-the-chinese-love-bitcoins.html

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

Bitcoin (Internal Revenue Service IRS)

Bitcoin (Property) Bitcoin

European Banking Authority (EBA)

"Warning to consumers on virtual currencies"3

Monetary Authority of Singapore (MAS) Bitcoin

(OECD) The Bitcoin Question: Currencyversus Trust-less Transfer Technology

4

Crypto currency Exchange

Bitcoin 5

Bitcoin BitcoinBitcoin Bitcoin Bitcoin

Bitcoin ( QE) Bitcoin Mt.Gox Mt.Gox Bitcoin

Bitcoin

Bitcoin Bitcoin Bitcoin

3https://www.eba.europa.eu/documents/10180/598344/EBA+Warning+on+Virtual+Currencies.pdf

4http://www.oecd-ilibrary.org/content/workingpaper/5jz2pwjd9t20-en

5http://www.bot.or.th/Thai/PressAndSpeeches/Press/News2557/n0857t.pdf

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

Federal Reserve Bank of St. Louis(Price) (Intrinsic value) Bitcoin Bitcoin

Intrinsic value

Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin

Bitcoin Mt. Gox

Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin Bitcoin

Implication Bitcoin Bitcoin

Bitcoin

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

1: Bitcoin(Wallet Number of Users)

Jul13

500,000

750,000

1,000,000

1,250,000

User

Count

1,500,000

1,750,000

2,000,000

Aug13 Sep13 Oct13 Nov13 Dec13 Jan14 Feb14 Mar14 Apr14 May14 Jun14 Jul14

: EIC blockchain.com

2: Bitcoin Exchange 5 ( 80% )

-

100

200

300

400

Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14

mn USD

: EIC bitcoincharts.com

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

3: Bitcoin

: EIC bitcoincharts.com

4: Bitcoin Exchange

: EIC bitcoincharts.com

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Disclaimer: The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates,

employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in thisreport, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or suchinformation by the recipient or other persons in whatever manner.

Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to changewithout notice, and may not prove to be correct.

This report is for the recipients information only. It does not represent or con stitute any advice, offer, recommendation, or solicitation by us and should not be reliedupon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

5: Bitcoin

0

200

400

600

800

1,000

1,200

Jul-10 Jan-11 Jul-11 Jan-12 Ju l-12 Jan-13 Ju l-13 Jan-14

USD/unit

: EIC Bloomberg

: (Piyakorn.chonlaworn@scb.co.th)SCB Economic Intelligence Center (EIC)

EIC Online:www.scbeic.com

http://www.scbeic.com/http://www.scbeic.com/http://www.scbeic.com/http://www.scbeic.com/