|
December 8th, 2017- In This Issue:
|
|
|
 |
We are going to have to start this roundup with a round of applause for all of us already invested.. (((clapping))) (((clapping)))..
Once again we'd like to congratulate you on your impeccable timing on your bitcoin purchases.
Now here we are once again faced with the eternal question.. Where do we go from here??
We are of the opinion that bitcoin is still in its infancy, only 1 out of every 28,000 people currently own a bitcoin. With all the free advertising and the hype that's surrounding bitcoin right now we wouldn't be surprised to see that number double as it seems everyone suddenly wants to buy bitcoins.
Within next 10 days or so we will enter a new phase as the futures markets open up to bitcoin and the expected institutional money that's supposed to come with it.
It seems that many people are expecting the price to skyrocket, hence the increase in the price. We are a tad more skeptical and suggest a more cautious approach being that for the first time big money can short bitcoin. I'm a bit worried that some of those that have been predicting bitcoin's bubble may try and make their predictions come true using the leverage that the futures market offers that before now hasn't been available.
So look for a rather rocky road as the battle between the bulls and the bears truly begins in earnest.
Whatever happens in the short term we feel will have little effect for those that approach bitcoin as a long term buy and hold investment. Look for dips to add more bitcoin and hold on to them as long as you can.
Short term we expect to see $20,000 before Xmas and $50,000 by the end of 2018
Congratulations to all of you smart enough to already be invested and to those who aren't, your not too late.. I think..
As always, 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, and if they don't listen you can always tell them "I told you so"
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 Price Ebbs From $18,000 High as Market Continues to Set Records
|
The bitcoin price made another bullish run on Thursday, reaching above $18,000 for the first time in its brief history. Friday morning, however, the bitcoin price began to ebb from this peak, providing altcoins with an opportunity to begin to mount a recovery after Thursday's carnage.
At the height of the rally, bitcoin carried the cryptocurrency market cap above $450 billion, briefly making the sum total of all cryptocurrencies more valuable than tech conglomerate Alibaba. However, at the time of writing, the cryptocurrency market cap was valued at $415 billion, which nevertheless represents a 24-hour increase of approximately three percent.
Bitcoin Price Pierces $18,000
Thursday was a frantic one for the bitcoin markets, as traders once again
grappled with outages at some of the world's largest exchanges. Altogether, the global average bitcoin price reached a new all-time high of $18,353, with U.S. exchange GDAX
pricing it as high as $19,697 at the height of the rally. Friday morning, however, the bitcoin price
began to decline, and by the time of writing, it had settled down to $15,532 - a mark just above its previous-day level.
Nevertheless, this week's movement has been sufficient to propel bitcoin into 18th on the list of the world's most valuable liquid currencies, placing it ahead of Australia and Luxembourg.
|
|
Winklevoss Twins: The First Verified Billionaire Bitcoin Holders?
|
Cameron and Tyler Winklevoss, better known as the Winklevoss Twins, are the first verified billionaire bitcoin holders.
Satoshi Nakamoto, the creator of bitcoin, holds about five percent of the bitcoin's total supply. However, it remains unclear whether the bitcoin Nakamoto had previously mined in 2009 is spendable and since then, for nearly eight years, Nakamoto's bitcoin has not been moved or spent.
City AM, a UK-based publication, revealed that the Winklevoss Twins are estimated to hold 100,000 bitcoins, given their $11 million investment in 2013. At today's price of $11,200, 100,000 bitcoins are worth $1.12 billion.
Winklevoss Twins' Contribution to Bitcoin Market
For many years, Tyler Winklevoss emphasized his belief in bitcoin as a store of value. In an interview with the Telegraph, Tyler noted that bitcoin is a better version of gold, sharing the same sentiment as other investors and analysts in the space, including Apple co-founder Steve Wozniak.
Like billionaire technology angel investor Tim Draper, the Winklevoss twins have allocated a significant portion of their resources and capital in providing a better infrastructure for the bitcoin market, specifically for investors in the traditional finance market.
|
Largest US Options Exchange CBOE to Enable Bitcoin Futures Trading by December 10
|
|
Ed Tilly, the chairman and CEO of Cboe Global Markets, stated:
"Given the unprecedented interest in Bitcoin, it's vital we provide clients the trading tools to help them express their views and hedge their exposure. We are committed to encouraging fairness and liquidity in the Bitcoin market. To promote this, we will initially offer XBT futures trading for free."
Drastic increase in liquidity
Last month, Brian Armstrong, the CEO of the world's largest Bitcoin brokerage and wallet platform Coinbase, revealed that at least $10 billion in institutional money are awaiting to be invested in Bitcoin and other cryptocurrencies. Armstrong
wrote:
"By some estimates there is $10B of institutional money waiting on the sidelines to invest in digital currency today. When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely."
With the scheduled launch of CBOE and
CME Group's
Bitcoin futures exchanges on December 10 and December 18 respectively, large-scale institutional and retail investors in the traditional finance market will have a robust platform and infrastructure to invest in Bitcoin.
Over the past year, the market valuation of Bitcoin has increased from less than a billion dollars to $195 billion, without the involvement and entrance of large-scale institutional and retail investors, hedge funds, and investment firms. If Armstrong is right, the movement of tens of billions of dollars into this market would lead to a price surge for Bitcoin, as new investors from the traditional finance market reallocate their capital from conventional assets to Bitcoin. Indeed, Bitcoin's price could grow exponentially, as predicted by billionaire hedge fund legend
Mike Novogratz
|
|
John McAfee Bullish on Bitcoin Price Reaching
$1 Million by 2020
|
Cybersecurity pioneer and eclectic personality John McAfee raised his 2020 bitcoin price target to $1 million, and his bet will undoubtedly leave even the most ardent bitcoin skeptic praying that he's right.
McAfee, who joined
MGT Capital Investments as chief cybersecurity visionary right as the firm was making its transition into the blockchain space, tweeted that he will eat his d**k if the bitcoin price does not reach $1 million by the end of 2020.
The former Libertarian presidential candidate and onetime fugitive had previously predicted that the bitcoin price would
end the decade at $500,000
- and had made the same promise - but he stated that this forecast was predicated on the assumption that bitcoin would rise to $5,000 during 2017.
However, bitcoin has vastly outperformed that prediction, and just this week it rose past $11,000 during a period of intense volatility. Consequently, McAfee feels confident that bitcoin will reach $1 million during the same period - confident enough to bet his manhood on it.
|
|
Tokyo Financial Exchange Plans for Bitcoin Futures Launch
|
|
Taking a cue from its U.S. rivals, the Tokyo Financial Exchange is now preparing to launch its own bitcoin derivatives futures product.
The Tokyo Financial Exchange, one of Japan's leading financial exchanges that counts the likes of JPMorgan Chase among its trading participants, is set to join the mad rush among traditional financial institutions to support bitcoin as a financial product.
The institution will first create a working group to study and research cryptocurrencies before listing bitcoin futures trading contracts, according to chief executive Shoza Ohta. The listing, which would become Japan's first bitcoin-based financial product, requires changes to the country's securities laws and the first step to that end would be the start of the working group leading toward drafting legislation, according to Ohta. With regulatory approval, the exchange will press ahead to list bitcoin futures contracts "as quickly as possible", the chief executive added.
In quotes reported by Bloomberg, Ohta told reporters in Tokyo on Friday:
"Once the Financial Instruments and Exchange Act recognizes cryptocurrencies as financial products, we will list the futures as quickly as possible. To achieve that, we will launch this working group to study various aspects, including bitcoin's present status, its outlook, and what form it will take root in Japan's society."
|
|
|
Bitcoin Futures: Make Way for a New Kind of Whale
|
|
For bitcoin traders, all eyes should be on Dec. 10 and Dec. 18.
That's when former self-styled bitcoin whales will be swallowed up like plankton as the CBOE and CME Group
launch bitcoin futures contracts for the first time in history.
Over the next few days, I will be providing information on trading in the bitcoin futures market. My goal is to shed some light on its peculiarities and hopefully help people avoid mistakes. To start, it won't just be the whales that will be devoured, but any other smaller crustaceans that choose to ignore the potential impact a derivatives market can have on an underlying commodity.
You see, in bitcoin's cash market, where these whales exist, they swim amongst other bitcoin marine lives without necessarily attacking their co-habitants. The reason is simple. Everyone in bitcoin's cash market is financially incentivized to keep the price of bitcoin high.
Sure, the market sometimes takes a dip, but that's because some bitcoin holders are taking profits off the table. In the futures market, there is as much reward for the creatures on the downside as well as the upside. Tremendous wealth can be created in a falling market as it can be in a rising market. There are incentives on either side.
Essentially, bitcoin's cash market is like a river. Its flow is dependent on constants and so it generally flows in one direction. The bitcoin futures market, on the other hand, is like an ocean with thermohaline circulation: its flow is dependent on several variables.
Marine life in the futures market is not as friendly. The waters are infested with killer whales. Apex predators that feed on other whales. They even feed on themselves.
Alright, enough of the marine analogy...
|
|
|
|
Missed any of the issues of our news round ups?
Here is a link so you can catch up.
|
|
|
STAY CONNECTED
|
|
|
|
|
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.
|
|
|
|
