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April 27th, 2018- In This Issue:
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BITCOIN PRICE ALERT DOWN 2% @ $8,678.5
Last we told you the sale was over and that we expected the price to climb over $9,000, which is exactly what happened topping out just shy of $10,000 before profit taking took it back down.
From here we expect a bit of a struggle with the possibility of seeing lows at $8,000 again which we feel will be a good entry point, or to add to your current holdings.
Long term we are still looking for 25k -$50k by years end.
For those of you in the southern California area, come visit us at the LA Convention Center April 30th thru May 2nd at booth 312 at the upcoming Crypto Invest Summit highlighted in the article attached to this round up.
As always, buy the dips, hold on to your bitcoins for as long as you can and spread the word. Tell your friends, your relatives and anyone else who will stand around long enough to listen about Bitcoins, believe me you will be doing them a huge favor.
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)
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4,500 Blockchain and Cryptocurrency Enthusiasts to Flock to Los Angeles Next Week
for Largest Gathering of Disruptors in FinTech
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The Los Angeles Convention Center will welcome the largest U.S. gathering of blockchain and cryptocurrency investors, entrepreneurs and technology companies April 30th-May 2nd at the Crypto Invest Summit.
More than 4,500 attendees have already registered to attend this inaugural two and a half-day event that will feature 100 speakers, a sold-out ICO pitch stage and the largest expo space featuring the hottest blockchain and crypto currency companies.
An unparalleled group of innovators and changemakers will share their stories about how they are leveraging blockchain in entertainment and arts, real estate, gaming, agriculture and more.
Interest in blockchain, bitcoin and cryptocurrency are at an all-time high, with everyone from major companies like Summit Gold Sponsor American Airlines, to Summit speaker and Olympic Medalist, Apolo Ohno getting into the game, but many questions still exist about the technology, possible regulation and the use for the average person.
"In five years from now, we'll only be using cryptocurrencies to pay," said Summit speaker and venture capitalist
@TimDraper
recently on CNBC. "We haven't even found the tip of the iceberg," he adds.
The Summit will feature two stages with presentations, pitches, educational panels, and fireside chats with the Who's Who of the industry. Speakers include entrepreneur Vinny Lingham, who made news in 2016 when he invested in a company on Shark Tank using bitcoin, Baron Davis, investor and NBA All-Star player, and Matt Sorum, Rock and Roll Hall of Fame drummer and Co-founder at Artbit, a distributed-ledger platform for artists and fans.
CNBC "Crypto Trader" host Ran Neu-Ner will broadcast live on-stage and feature special guests, to be announced.
Over 30 selected ICOs will get to meet and pitch their offerings to potential investors, actively looking for opportunities. Attendees will be able to network at the Summit kickoff party on day one as well as at the expo floor party on day two, where they can interact with more than 70 exhibitors.
The Crypto Invest Summit title sponsor is Hedera Hashgraph, a blockchain distributed ledger company. Gold sponsors are: American Airlines, Dream Team, Spice Venture Capital, Emotiq, Securitize, and Park Capital. Silver Sponsors are: Abra, Egretia, Merculet, MG Capital, iHouse.com, Hybridblock
Crypto Invest Summit is organized by @AlonGoren, speaker, host, nerd, punk rocker and Principal at Wavemaker Genesis, a VC inspired crypto venture fund, and @JosefHolm, named a Top 100 FinTech Influencer" by LTP and founder of Krowdster.co, the first do-it-yourself crowdfunding marketing and PR SaaS.
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"I'd Put New Money Into Bitcoin,
Not Bitcoin Cash", Says Tom Lee
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Speaking to CNBC, Lee, who is well-known for his bullish stance on Bitcoin, said that although he was averse to "taking sides," he would rather put "new money" into Bitcoin than the altcoin alternative.
"I think both have merits," he explained to the network's Fast Money segment.
"But if I were putting new money to work today - a fresh dollar - I would be a lot more interested in buying a laggard that could attract inflows as opposed to something that's already potentially overbought."
As BTC/USD fell around 2.4% Wednesday, BCH/USD fared much worse, losing almost 17% in the same 24-hour period.
When asked why BCH had managed to gain considerably in previous days, Lee considered its upcoming network hard fork as a part motivator for money flowing in.
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Why an Investor Is Predicting Bitcoin Could Hit $700,000
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The annual Sohn Investment Conference in New York is usually a place where Wall Street's best hedge fund managers and investors present their top stock picks-from Amazon to Valeant Pharmaceuticals. And for the first time in the event's 23-year history, one of those investors used the Sohn conference stage Monday to recommend a certain digital investment: Bitcoin.
John Pfeffer, a partner at his London-based family office Pfeffer Capital, is not only betting on Bitcoin, but giving it a bold price target of $700,000-about 75 times the current Bitcoin price of nearly $9,500.
While Pfeffer did not put a time frame on his prediction, his target exceeds even optimistic forecasts from other influential investors such as venture capitalist Tim Draper, who earlier this month predicted the Bitcoin price would reach $250,000 by 2022.
"Bitcoin is the first viable candidate to replace gold the world has ever seen," Pfeffer, a former partner at private equity firm KKR, told the crowd at the Sohn Investment Conference at New York's Lincoln Center. "So if Bitcoin becomes the dominant non-sovereign store of value, it could be the new gold, or new reserve currency."
Pfeffer's math works like this: First, he assumes that Bitcoin can logically replace all of the gold bullion currently held by private investors-in other words, the gold bars that people keep in a safe-deposit box or bury in their backyard, simply as a way to park their money in something more dependable than paper. (The gold bars in this example are also what's known as a "store of value.") "Bitcoin is vastly easier to store and secure," Pfeffer said.
Pfeffer. Assuming there will be 18 million Bitcoins in circulation by the time the cryptocurrency fully replaces gold bullion (about 17 million Bitcoins have been produced so far, out of the maximum 21 million that can exist), the implied value of a Bitcoin would then be $90,000. This is Pfeffer's most conservative scenario, which he gives 8% odds of coming to fruition.
But Pfeffer has even higher hopes for Bitcoin-that it could eventually be to central banks what traditional foreign reserve currencies are today. (From euros to Japanese yen, governments hold foreign cash to pay down international debts and complete other cross-border transactions.) "It's imaginable that Bitcoin displaces some form of reserves over time," Pfeffer said at the conference.
Bitcoin would fully replace all foreign reserve currency, Pfeffer also modeled scenarios in which Bitcoin would account for a quarter of foreign reserves, which would imply a 20x return from current prices. And if the total value of Bitcoin does rise to the equivalent of all foreign reserves, or $12.7 trillion-including both gold bullion and reserves combined-then that would mean a Bitcoin price of $700,000.
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The 17 Millionth Bitcoin Is About to Be Mined: What It Means and Why It Matters
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Bitcoin's limited supply is about to get a bit more limited.
from
Blockchain.info shows
, a development that would mark yet another milestone for the world's first cryptocurrency. That's because as per bitcoin's current rules, only 21 million bitcoin can ever be created.
Stepping back, the milestone, the first million-bitcoin marker to be crossed since mid-2016, is perhaps noteworthy as yet another reminder of the technology's core computer science achievement - digital scarcity created and enabled by shared software.
In short, bitcoin's code, since cloned and adapted by scores of other upstart cryptocurrencies,
ensures that only a set number of new bitcoins are introduced to its economy at intervals. Miners, or those who operate the hardware necessary to track bitcoin's transaction set, are rewarded with this scarce data every time they add new entries to the official record.
Still, there's a lot of variability in the process.
of note is that it can't be precisely predicted when the 17 millionth bitcoin will be mined or who will mine it, due to the many minute variances that are created in keeping a common software in sync. That said, there's a relative predictability. Each bitcoin block produces 12.5 new bitcoin, and as bitcoin blocks occur roughly every 10 minutes, about 1,800 new bitcoin are created each day.
As such, it's perhaps best to view this event as a "psychological barrier," Tetras Capital founding partner Alex Sunnarborg told CoinDesk, one that is interpreted differently by different communitie
Sunnarborg, for example, sought to stress that another way to interpret the result is that 80 percent of all the bitcoin that will be ever created have now been mined. In other words, only about one-fifth of the eventual supply remains for miners and future buyers.
Others see the milestone as one that's ripe for appreciation of the technology and its achievements.
"I think it is awesome," Tim Draper, the venture capitalist who bought millions of dollars worth of bitcoin seized by the U.S. government at auction in 2014, said of the coming milestone.
"I would bet the founders wouldn't have imagined how important bitcoin would become in their wildest dreams."
Others sought to suggest the milestone is one that should be considered as an opportunity for education about both the features of bitcoin, and those of cryptocurrencies broadly
For example, unless all of the humans who operate the computers running the bitcoin software decide to make a change (a perhaps unlikely scenario today), there's really no way to ever introduce more new bitcoin. This achievement, a technical reality, has played a key role in bitcoin's association with money, economics and other scarce, naturally occurring assets.
In this way, the goldbugs and readers of Austrian economics who piled into bitcoin early on were quick to realize the value of the feature, perhaps giving rise to the term "cryptocurrency" itself.
Trace Mayer, one of this group's most vocal members, summed up the philosophy in a recent tweet, in which he argued governments might seek to prevent users from holding bitcoin in the future.
"Increasing money supply is a means to confiscate through inflation which is a form of taxation without representation or due process of law," he wrote.
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Market Strategist Sees BTC Soon Hitting Between $11,500 And $11,800
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Bill Baruch of Blue Lines Futures sees the crypto sector as continuing to rise in the long term, with the "ultimate upside" for
Bitcoin
(BTC) being between $11,500 and $11,800, according to a
CNBC video
posted yesterday, April 23.
CNBC notes that Baruch "has been right before." In February of this year, when BTC's price dropped to below $7000, Baruch had predicted that Bitcoin would "recover from this low." BTC is now trading at around $9,280, up over 2 percent over a 24 hour period to press time.
Baruch added yesterday that the "sector still has much more upside in the long run," and a breakout above $11,800 for BTC is "extremely bullish." He also highlights how many altcoins have "doubled in value" since February.
Cointelegraph recently reported about the plethora of market predictions in the volatile crypto sphere, explaining why some experts think BTC is heading to $100, while others believe it's going towards $100,000.
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Tim Draper Says Bitcoin Is Bigger Than The Industrial Revolution In Debate With Skeptics
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During the debate - which Draper undertook alongside Overstock CEO and Bitcoin bull Patrick Byrne and against two crypto skeptics - the billionaire investor compared Bitcoin, and evidently Blockchain in general, to his early investments in
Tesla, Hotmail, and
Skype. He went further by stating that Bitcoin would be "bigger than all of those combined," and that the scale and importance of Bitcoin and the technology behind it exceeds that of major technological developments in human history, saying:
"It's bigger than the Iron Age, the Renaissance. It's bigger than the Industrial Revolution."
"In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you're not using crypto. I believe that there will be a point at which you will no longer really want any of the fiat currency."
As of December 2017, the venture capital investor was still holding around 30,000 bitcoins that he bought in a US Marshals Service auction in 2014, CNBC reported. If Draper is still holding his BTC today, the investment is worth almost $270 mln by press time.
t the Intelligence Squared debate, Draper also spoke on Bitcoin market dominance, claiming that the largest cryptocurrency is likely to win the "long-term crypto battle" against altcoins. Meanwhile, BTC dominance, or the percentage of total market cap that is Bitcoin's, is currently around 38 percent, down from its monthly high around 44 percent.
Earlier in April, during a speech at his own Draper University, the VC tycoon predicted BTC will hit a whopping $250k per coin in the next four years. Draper also recently sat down with Cointelegraph for a "serious" interview, in which he claimed that "Bitcoin is clearly the leader" among cryptocurrencies.
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Reuters Survey: At Least 56 Finance Firms Will Enter Crypto In Next 6 Months
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Twenty percent of
financial
firms want to "start buying and selling digital tokens" in 2018, Quartz
reports
Monday, April 23.
According to a range of over 400 undisclosed businesses surveyed by Thomson Reuters, one in every five "have plans" to begin direct contact with cryptocurrency assets in the next 12 months.
Reuters, which began including Bitcoin sentiment in its data feeds last month, did not mention the stature of the firms involved.
Nonetheless, 70% of those who said 'yes' to crypto in 2018 also said they were planning to begin within the next three to six months, translating into at least 56 new players offering cryptocurrency in some form by October.
The positive outlook reflects the overall wave of enthusiasm which has characterized crypto markets in April.
As Bitcoin and altcoin prices hold gains which topped $9280 Tuesday, pundits have been weighing in on the stronger performance due to set in for assets before 2019.
Current price estimates range from $25,000 to $100,000 by year end for Bitcoin, with traditional finance money jumping in after waiting 'on the sidelines' remaining a common narrative.
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Missed any of the issues of our news round ups?
Here is a link so you can catch up.
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Copyright © 2017. All Rights Reserved.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. BitvestMint llc does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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