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  "documentTitle": "Cipher Mining | SPAC Presentation Deck | 55 slides",
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  "authorName": "Cipher Mining",
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  "presentationDate": "2021-03-01 00:00:00",
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  "notes": "Includes a dual-axis chart showing supply growth and emission rate, plus a breakdown of the regulatory, custody, and trading landscape.",
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      "text": "Bitcoin Supply Schedule",
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      "text": "Fidelity Digital Assets, Bakkt, BitGo, Coinbase, Gemini, ErisX",
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      "text": "Regulation: Regulated by the US Commodities Futures Trading Commission. SEC oversee specific institutions while state regulators have jurisdiction over transactions in their states. Custody: Self-custodied or custody can be assigned to third parties. Most major custody platforms carry insurance to protect holders against theft. Trading: Can be traded in spot or futures form (physically and cash settled). Almost all exchanges employ AML/KYC protocols to ensure 'clean' trading pools.",
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      "text": "Bitcoin is a digital commodity invented in January 2009 by an unknown person under the pseudonym of Satoshi Nakamoto. By 2025E, Bitcoin is expected to surpass gold's annual stock to flow ratio. Gold has high storage and transport costs while Bitcoin requires no transport costs and has a transparent and diminishing supply schedule. There is a finite supply of 21 million Bitcoins with ~18.6 million Bitcoins currently in circulation - it is a scarce asset that can serve as a hedge against various forms of inflation.",
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      "text": "Source: Cipher Mining management and Coin Metrics. Note: Bitcoin market data as of 1/15/21",
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