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May 14th, 2018- In This Issue:
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SPECIAL BITCOIN ALERT!
We are sure that you have all come to expect a bullish slant to our newsletters as we are and have always been certain that over the long haul bitcoin prices will go higher.
So this newsletter should come as no surprise that we are once again recommending that you add to your positions.
However, if it is possible to be more bullish now than we have ever been, we want to sound the alarm and tell you that now is possibly the very last chance you will ever see Bitcoin below $9,000 and we highly recommend adding to your positions asap.
We expect a raging bull market to begin driving prices up like we have never experienced before. We are so confident that now is the time to buy that we are giving our highest recommendation that we have ever offered.
You have what we consider a perfect storm brewing in the crypto currency markets which may never be repeated in your lifetime. We expect to see prices climbing well above recent highs of $20,000 to climax before years end to well over $40,000 even $50,000 dollars!!
Mark my words, remember where you heard it first and gather whatever investment capital you may have and buy more Bitcoins NOW!!!
Take a look at your holdings of precious metals, and get rid of them, buy bitcoin with the proceeds.
Take a look at the bloated stock market, take out what you have and BUY BITCOINS NOW!!
Two things will happen, you will be thankful you got out before the bottom fell out, and you will be thrilled with the increase of your net worth by adding more Bitcoins NOW!!!
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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NYSE's Plans For 'Physical Delivery' Of Bitcoin Pave Way For Major Crypto Adoption,
Analysts Say
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Analysts Dominic Chu and Robert Kelly weighed in on recent reports that the New York Stock Exchange (NYSE)
plans to offer
Bitcoin (BTC) swap contracts, on CNBC
Tuesday, May 8. Both Chu and Kelly argued that the fact that these contracts would be settled with the delivery of BTC itself is an important factor in Bitcoin's mainstream adoption.
Both commentators were unanimous in considering that
the plans of NYSE's parent company Intercontinental Exchange (ICE) - news of which comes from "multiple reports citing sources familiar," if true, could be of momentous consequence for the future of crypto.
Whereas the futures contracts currently being offered on
CME
and
CBOE
are ultimately settled in fiat, Kelly emphasized that ICE's suggestion that crypto swap contracts will be settled in BTC is a significant milestone that could herald major Wall Street crypto adoption. Kelly explained:
"[The] physical delivery of Bitcoin...means that ICE has a custody solution. That has been the big hurdle. How do you hold onto these assets? These are generally bearer instruments...and so you have to have a third-party custody person. That's the big deal, they have come up with a custody solution for institutional holders."
Cold storage custodian solutions are currently offered by small operators, and ICE has not confirmed whether it plans to build an in-house cold storage solution or to outsource it. Indeed, ICE has so far declined to comment on the reports at all.
Kelly said that if ICE can offer a custodian solution that is SEC-qualified and fits with the SEC's compliance requirements, this would "open the floodgates" to institutional capital, resulting in some "big price moves" in the crypto markets.
A custody solution would also open the door for pensions and endowments, he said, leading him to conclude that cryptocurrencies now "look to be becoming an emergent asset class...most obviously at the expense of gold."
Kelly noted that the markets have been slow to respond, suggesting that many are underestimating the significance of the news.
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Bitcoin Price Prediction 2018: Can cryptocurrency hit $50,000 this year?
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Can Bitcoin hit $ 50,000 this year? While most of the cryptocurrencies are much below their earlier highs but there are newer and newer predictions coming up for cryptocurrencies. One such prediction is that Bitcoin can rise to as high as $ 50,000 in the calendar year 2018
A cryptocurrency portfolio manager by the name of Jeet Singh, stated at World Economic Forum in Davos, that the current volatility is completely normal when it comes to the cryptocurrencies space. He also stated that it is normal for cryptocurrencies to fluctuate by 70% to 80%. This is one of the main reasons why the current volatility does not worry him at all.
He compared cryptocurrencies to the current bellwether companies like Microsoft as well as Apple. Initially, their stocks were also pretty volatile. However, as the companies develop their business model, the stocks not only rose but they become much more stable as well.
However, many of the investors are actually currently worried due to the high volatility in cryptocurrencies. According to him, however, long-term investors need not fear the volatility at all. Since they are here to stay for a longer period of time, they would have no problem at all in holding the cryptocurrencies for a longer period of time as well.
Whether the portfolio manager is right or wrong, only time would be able to tell. The truth is that currently, many of the investors are worried about putting new money into Bitcoins. Only once they are sure that the volatility would end and the Bitcoin resumes its uptrend you can be sure that most of the investors would actually get ready to invest in this cryptocurrency.
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'Disciple' Of Buffett, Palihapitiya Bullish On BTC Despite His Mentor's Grumblings
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Chamath Palihapitiya, a self-professed "disciple" of investors
Warren Buffett
and Charlie Munger - has said that the two crypto skeptics are "all wrong" about
Bitcoin
(BTC),
CNBC
reports Wednesday, May 9.
At the beginning of this month, Buffett called Bitcoin "rat poison squared," and Munger said that investing in crypto was akin to "trading freshly harvested baby brains." Earlier this year, Buffett had said that Bitcoin did not fit the requirements to be a currency.
In today's interview with CNBC, the founder and CEO of VC firm Social Capital Palihapitiya spoke about the investing advice given to him by Buffet - "you define a circle of competence and you stay within in," noting that "technology is not in his circle of competence."
In regards to Munger, Palihapitiya said that "I think it's really unfair to not understand something, and then to disparage it," adding that:
"I think they're all exceptional at what they do."
VC investor Palihapitiya - who has been in the Bitcoin market since 2012 - noted that the crypto markets then and now differ drastically, partly due to the long term HODLers' view of Bitcoin as a "hedge to the existing financial structure":
"I feel like i'm in two different universe, I need a passport to go between the Bitcoin world and my regular world."
Palihapitiya's portfolio is made up 99 percent non-risk and 1 percent risk holdings, with Bitcoin considered like gold as an asset class but placed in that 1 percent "risk off bucket" due to its lack of correlation with the traditional financial market:
"It's really important not to forget what happened [in the 2008 economic crash]. Why would it not make sense to have a non-correlated hedge? This is about buying insurance."
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The Bitcoin to the Moon Refrain Grows Louder
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Fundstrat Global Advisors, the research firm known for its bullish Bitcoin bets, is at it again with the second forecast in a week leading up to one of the world's biggest cryptocurrency conferences.
One Bitcoin could be worth around $36,000 by the end of 2019, Fundstrat's Sam Doctor wrote in a report for clients Thursday, noting that the value of the top digital token could range from $20,000 to $64,000. It traded around $9,300 on Thursday. The researcher's call was based in part on the notion that improving cryptocurrency mining economics support price appreciation.
"Bitcoin miners verify and process transactions, supporting the network in exchange for mining rewards and transaction fees," Fundstrat said. "We argue that the Price/Miner's Breakeven Cost multiple has proven a reliable long-term support level, and further, that the likely trajectory of future mining infrastructure growth should underpin Bitcoin price appreciation into year-end 2019."
Fundstrat's latest call comes three days after managing partner Tom Lee predicted the price of Bitcoin will rally during Consensus, a major virtual-currency conference next week in Manhattan that is expected to draw more than 6,500 attendees. At the time, Fundstrat estimated that the top digital token will cost $25,000 by the end of this year, though its projections have varied substantially over time. The researchers forecast in January that Bitcoin would be worth $125,000 by 2022.
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How Goldman's Bitcoin Bid Could Change
Crypto Industry
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After months of speculation and reports, Goldman Sachs Group Inc confirmed its plans to trade
bitcoin
last week in
an interview
with The New York Times.
With its deep Rolodex of clients and heft within the financial services industry, Goldman's entry into bitcoin trading is fraught with implications for the fortunes of the nascent cryptocurrency industry. Here are three ways in which Goldman's entry could change bitcoin trading.
More Choices In Cryptocurrency Trading Ecosystem
The most obvious consequence of Goldman's entry might be an increase in the
liquidity profile for bitcoin and other cryptocurrencies. While sustained attention from the media last year resulted in a surge of trading volumes and popularity for cryptocurrencies, it also highlighted problems in their ecosystem. This has kept
institutional investors and banks away from the newest asset on the block. Wesley Hansen, director of trading operations at
The Crypto Company (
CRCW), says cryptocurrency investing in its current state is similar to
venture capital investing for large investors.
"Beyond the top five cryptos, it is all about taking large risks in the hope that some will pay off and some won't," he said. According to him, Goldman's decision to enter the bitcoin market through
futures trading contracts
will have a positive effect on
volumes
in futures trading. "It is the safest strategy for them to enter the market," he said. "They are entering into the same markets (that they operate in) but trading in a different product." The company, a digital assets technology provider, boasts on its website that it is one of the first public companies in the cryptoassets sector.
That said, Hansen said traders will "get bored pretty quickly" with available crypto investments and predicts that futures for ethereum and options, including puts and calls on various cryptos, might soon be introduced. In addition, Hansen says "super complex derivative products" will become available to traders after Goldman's entry paves the way for other institutional investors and bankers to enter bitcoin trading.
A Demand for Quick Action
Goldman has not clarified the venue for its bitcoin trading, but industry insiders are hoping that it selects trading solutions and tools from within the cryptocurrency world. "It would be a tremendous signal to the industry," said Nolan Bauerle, research director at Coindesk. He specifically named
LedgerX, a derivatives exchange that has witnessed a bump in trading activity recently, as an exchange that might benefit from Goldman's entry into the derivatives market. Among others, LedgerX has received funding from notable venture firms, such as Google Ventures and
Lightspeed Ventures partners. Some have
even surmised that LedgerX has Goldman's operational fingerprints. For example, John Smollen, executive vice president at the firm, is a former GS executive.
Rapid trades from full order books could also change operations at cryptocurrency exchanges. "Cryptocurrency exchanges are a weak point in the industry," said Bauerle and questioned whether normal bitcoin exchanges could manage the thousands of amendments required in regular trading operations.
His view is echoed by Hansen, who says cryptocurrency exchanges currently have only a limited number of trades available for investors. "Complexity of order types is absent," says Hansen, adding that their operations are geared toward investors interested in holding onto bitcoin for long periods of time instead of conducting rapid trades with it.
T
raders like Goldman Sachs rapidly move in and out of trades, making profits off small increments in value. "The [crypto] exchanges are not built for quick action," says Hansen. This absence of quick action has led exchanges to skimp on features that are fairly common in regular trading platforms. For example, Hansen points out the exchanges do not have tools to aggregate and display gains or losses from multiple trades conducted through the day.
"Right now, anyone who trades more than a few times has to dump all their trades in an Excel sheet and calculate average costs there because there's no exchange giving you this statistic," he said. Hansen predicts a consolidation among exchanges in the next couple of years, as liquidity increases due to the entry of big banks and institutional investor
Bitcoin Custody Services
According to Bauerle, holding bitcoin in physical custody might be a "seductive" proposition, once they begin trading derivatives. Until recently, Goldman has limited itself to commentary on bitcoin and other cryptocurrencies. For example, in a February note, it predicted that the value of most cryptocurrencies will fall to zero in the near future.
Even in its foray into bitcoin trading, Goldman has started with futures contracts and avoided direct dealing with the crypto. This is partly due to bitcoin's custody problem. Physical custody involves ownership of private keys to bitcoin wallets. Due to its digital nature, bitcoin is vulnerable to hacks and custody services have evolved into a complicated exercise that combines offline storage with rigorous access environments with multiple sign-offs at each step. A slew of custody-related services, such as Xapo and Coinbase, have emerged. But Goldman might have to contend with a steep learning curve. Bauerle said physical ownership of bitcoin might result in a crash course into the mechanics of cryptos for the firm.
Read More...
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The Wealthy Are Hoarding $10 Billion of Bitcoin
in Bunkers
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Behind the guards, the blast doors and down corridors of reinforced concrete, sit the encrypted computer servers -- connected to nothing -- that hold keys to a vast digital fortune.
Argentine entrepreneur Wences Casares has spent the past several years persuading Silicon Valley millionaires and billionaires that Bitcoin is the global currency of the future, that they need to buy some, and that he's the man to safeguard it. His startup, Xapo, has built a network of underground vaults on five continents, including one in a decommissioned Swiss military bunker.
In the rarefied world of wealth management, Xapo is known for a client list studded with family offices, and for occasionally letting a journalist peeki nto a stronghold to write about its security. But one secret has proven elusive: how much digital cash does it really hold?
Two Xapo clients said it houses roughly $10 billion of Bitcoin. Another person close to the venture called the figure an accurate approximation. Bitcoin's price, after all, is hardly steady.
Even in the colorful world of crypto the cache is remarkable -- amounting to about 7 percent of the global Bitcoin supply. It would mean Xapo, just 4 years old, has more "deposits" than 98 percent of the roughly 5,670 banks in the U.S. But as a custodian it's regulated differently. The Swiss subsidiary is overseen by the self-regulating Financial Services Standards Association, which audits members to ensure they comply with anti-money-laundering rules. Xapo serves U.S. customers through a Delaware corporation that's registered with the U.S. Treasury Department's Financial Crimes Enforcement Network and is licensed in several states.
Xapo's billionaire backers include LinkedIn Corp. co-founder Reid Hoffmanand former Wall Street trader Mike Novogratz, who's in the process of setting up his own cryptocurrency merchant bank. Their bet is that Bitcoin is here to stay, and so is its biggest scourge, theft.
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Wall Street Adopting Bitcoin Will Lead Crypto Market to Surge
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Brian Kelly, a prominent cryptocurrency trader, contributor to CNBC's Fast Money, and founder of BKCM, stated on the May 9 Fast Money show that the adoption of bitcoin by Wall Street's biggest financial institutions such as the New York Stock Exchange (NYSE) and Goldman Sachs will lead the cryptocurrency market to surge in the short- to mid-term.
Earlier this week, as CCN reported, NYSE's parent company ICE Exchange has been developing and testing a bitcoin exchange to serve investors from the traditional finance sector. Various reports revealed that ICE Exchange is not launching a futures market like CME and CBOE, rather a proper bitcoin exchange on which investors can buy, sell, and store bitcoin directly.
"The parent company of the New York Stock Exchange has been working on an online trading platform that would allow large investors to buy and hold Bitcoin, according to emails and documents viewed by The New York Times and four people briefed on the effort who asked to remain anonymous because the plans were still confidential," the New York Times reported.
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Bitcoin forecast: Can Bitcoin price worth more than $100k in 2018
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With increasingly positive voices coming out in favor of Bitcoin, it remains to be seen whether it will actually increase in value significantly until the end of this year or whether it will remain around this levels. Many of the other cryptocurrencies have been consistently rising in the past couple of weeks. This is the reason why investors are again turning bullish on cryptocurrencies and think that, they will increase in value further. Many of the enthusiasts are actually predicting higher peaks as well as newer peaks for the cryptocurrencies.
Bitcoin Price Forecast: Tim Draper Predicts Bitcoin Will Be Worth More Than $100,000
Famous Venture Capitalist Tim Draper was on Bloomberg two days ago, sharing his thoughts on why Bitcoin will be worth a lot more than what it is today.
For reference, he's the guy who predicted in 2014 that Bitcoin would hit $10,000 in three years. And it did!
This time, his prediction is way more outlandish, even by our insanely bullish standards. Draper predicts that a major part of today's fiat currency market will be dominated by cryptocurrencies in the future. He identifies that the world market for fiat currencies is worth $86.0 trillion today.
If we go by his prediction and do some quick math on prices, Bitcoin turns out to be worth more than $100,000.
Draper gives us at least three reasons in his very brief interview why he believes that Bitcoin is the future of currency.
It's borderless. You could go to any country and use it.
It's not subject to the whims of a government. The supply is constant and the price is determined by free market demand.
It's banking the unbanked. You can bypass the traditional banking system, avoid surveillance, and get rid of hefty fees.
As for investment advice, Draper made it loud and clear.
"People ask me, 'Are you going to sell your Bitcoin?' And I say, 'Why would I sell the future for the past?'"
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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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