Facebook Join My List Logo

October 31st, 2017- In This Issue:

Bitcoin is going dressed up as a $6,400 dollar bill!

Congratulations once again to all of us smart enough to already be invested in bitcoin and hahaha to all the Jamie Dimon/Peter Schiff/Warren Buffet stodgy old timey investors who have missed the boat. Oops didn't mean to gloat.. Er, too much.

Although we continue to make new highs, seemingly daily or at least weekly, it's still not too late for those with an eye to the long term, buy and hold bitcoin investors.

Three years from now when/if bitcoin hits the $50,000 mark we will be looking back saying, "wish I could go back and buy bitcoin at $6,500 again."

But seriously folks, all kidding aside, it does seem like we have really turned the corner and that we are on the brink of bitcoin's mass adoption as an investment vehicle. More and more people are jumping on the bitcoin bandwagon and it feels like we're experiencing a snowballing effect, gathering steam as we go. 

Tell your friends, the relatives you still like and anyone else you truly care about, about bitcoin, give them a chance to take advantage of what may turn out to be the greatest opportunity for financial gain in a generation.   

Visit  BitvestIRA  for information on using your IRA to invest in bitcoin at 20% below spot price. Or call us directly with any questions at 1-844-BIT-VEST (1-844-248-8378)

Bitcoin's Price Climbs Above $6,400 to Hit All-Time High

The price of bitcoin has hit an all-time high, crossing $6,400 for the first time.

According to data from the CoinDesk Bitcoin Price Index ( BPI), the price reached an average of $6,415.28 across global exchanges at roughly 14:00 UTC today.  On Oct. 29, the price of bitcoin rose to $6,306.58, a move that came just over a week after markets moved above $6,000 for the first time.

Data shows markets have consistently traded above this level since Oct. 29. Overall, the price is up more than 500 percent since the start of the year, having begun trading below $1,000.

Today's climb also represents a gain of more than $200 in 24-hour trading, per data from the BPI, bringing bitcoin's market capitalization to roughly $106 billion.

At press time, bitcoin is trading at $6,381.07, a gain of about 4.2 percent on the day.
Other top-10 cryptocurrencies (by market capitalization) have seen mixed results in terms of trading, including a notable decline in bitcoin cash. 

Happy Birthday Bitcoin! October 31 Sees $6k Crypto Turn 9 Years Old

Tuesday marks nine years since  Satoshi Nakamotoannounced the creation of the Bitcoin "Peer-to-Peer Electronic Cash System."

The Bitcoin whitepaper,  still available on the same Bitcoin.org domain as it was in  October 2008, offers an increasingly fascinating view into the niche project which in October 2017 has a market cap of  over $100 bln. The document famously begins:

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."

"Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network."

Those networks are now used by three mln users every day, with that number expected to increase to 200 mln within just seven years projections state.

Renowned Billionaire Investor Bill Miller Has 30% of His Fund in Bitcoin

Highly regarded billionaire fund manager Bill Miller, who has consistently made large returns over the past 15 years, has allocated 30 percent of his $154 million fund in bitcoin.

After resigning from his position at $3.65 billion investment management firm Legg Mason, Miller created his own investment firm, Miller Value Partners. Miller's investment firm, which oversees $2.3 billion in assets, operates a $154 million hedge fund called MVP 1, which has recorded a 72.5 percent year-to-date gain, according to Jason Zweig of the Wall Street Journal.

Miller Value Partners and its MVP 1 fund allocated around five percent of its capital in bitcoin last year. Within the past 12 months, Miller increased bitcoin holdings of MVP from five percent to 30 percent, considering the exponential growth rate of bitcoin in terms of user base, trading volume, liquidity, and adoption.

The CME May Have Just Opened the Floodgates for Institutional Money to Pour Into Bitcoin

Bitcoin is spiking to a record after CME Group Inc. said it's planning to launch bitcoin futures as the move could open the floodgates of investors who have been standing on the sidelines as bitcoin soared over 500 percent this year.

The cryptocurrency jumped as much as 5.2 percent to $6,416.39 after the CME said it will start offering trading the derivatives in the fourth quarter. Futures will be settled in cash based on a bitcoin index that CME started calculating in November. 

The move comes after the Chicago Board Options Exchange said in August it's  exploring  bitcoin derivatives opportunities, while the Commodity Futures Trading Commission in July  registered  cryptocurrency trading platform LedgerX as the first federally regulated cryptocurrency derivatives exchange and clearinghouse.

With bitcoin futures becoming mainstream, the next logical step seems to be a bitcoin exchange-traded fund, as the Securities and Exchange Commission had cited the lack of derivatives as one of the reasons for rejecting approval of the funds. ETFs and derivatives are likely to make bitcoin trading a lot more palatable for hedge funds and mutual funds, as the instruments will allow them to hedge for the digital asset's volatility and avoid some of the hassles of investing in bitcoin directly.

Now More Than 120 Cryptocurrency Hedge Funds

The explosive growth of  cryptocurrency  values has drawn in some of the investment world's biggest players - hedge fund managers. Over the past six months, the number of crypto-focused hedge funds has exploded, moving from  around 70 in August  to more than 120 at the end of October.

In the last year alone, according to CNBC, more than 90 cryptocurrency funds have launched, bringing the net total to 124. These funds have more than $2.3 bln under management, with a third of the total using venture-capital style investment strategies.

The most notable addition among these is the $500 mln fund launched by Galaxy Investment Partners founder Michael Novogratz. The famous investor has publicly shared his view that lots of money can be made with digital currencies, even as the market moves.

Bitcoin Turns 9 and Already, It Has Evolved into a Global Currency

Satoshi Nakamoto, the anonymous creator of bitcoin, released the bitcoin whitepaper 9 years ago, on October 31. Since then, based on every indicator imaginable, bitcoin has evolved into a major global currency, store of value, and safe haven asset.

The Bitcoin network was officially launched in 2009, when Nakamoto mined the first bitcoin block. But, the whitepaper of bitcoin was released in October of 2008, months after Nakamoto acquired Bitcoin.org

Within 9 years since its introduction, bitcoin has become a major store of value through rapid adoption and growth rate in major regions such as Japan, the US, South Korea, and Hong Kong. The trading volume of bitcoin has surpassed $2 billion and has sometimes peaked to $4 billion, surpassing the trading volume of Apple, the world's most liquid stock.

In several countries like Japan and the Philippines, bitcoin has been recognized as a legitimate remittance payment system, money, and currency. Earlier this year, the Japanese government also recognized cryptocurrency and bitcoin exchanges as legitimate financial service providers. Consequently, some of the largest companies in their respective industries such as Japan's largest budget airline Peach, major budget hotel chain operator Capsule, and leading electronics retailer Bic Camera have integrated bitcoin as a payment method.


News Round Up Archives.

Missed any of the issues of our news round ups? 

Here is a link so you can catch up.    

Click Here