1 [12] 2023 has likely presented the perfect cocktail for a watershed moment for digital currency. The FTX debacle is firmly in the rear-view mirror with successful prosecution, interest rate hikes in the developed world appear to have peaked and the SEC (United States) appears to be entertaining spot ETFs that will allow investors more secure and controlled access to digital currency. The CFA Institute also recently published a framework to use in valuing Bitcoin. A high-net-worth client of yours has asked for an objective valuation of Bitcoin for which she will pay you a fee for your analysis. You may base your valuation on the four key pillars provided by the CFA Institute or present your own, however in either case be sure to provide an overvalued / correctly valued or undervalued opinion on each pillar as well as a closing paragraph where you sum these up into a recommendation. 1.2 Reference list QUESTION 2 [8] Provide an evaluation of Bitcoin as a currency in a classic economic sense by discussing these functions: 1. Medium of exchange. (2) 2. Store of value. (2) 3. Portability and durability. (2) 4. Divisibility and fungibility. (2) 5. Reference list