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October 3rd, 2017- In This Issue:

Slow Ascent? Bitcoin Prices Climb Toward $4,500 on Weak Volumes

At press time, trading is at $4,420 up 2.8 percent on the day and up 11.3 percent week-on-week, but still down 4.9 percent on a monthly basis.

The price action suggests that the odds of revisiting record highs have improved following the bullish price actions over the weekend.

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 Can Fuel Your Retirement

Can this cryptocurrency add security to your golden years? With most Americans believing their retirement investments are inadequately diversified, it may be high time for them to dip a toe in Bitcoin IRAs.

Most prominently, JPMorgan Chase (JPM - Get Report) CEO Jamie Dimon earlier this month called the digital currency a "fraud" and described it as "worse than tulip bulbs." Unsatisfied with his sick burns, he came back a few days later and dismissed Bitcoin as "a novelty...worth nothing." And though the haters are going to hate and view Bitcoin as a risky proposition, it may actually offer a safe route to a secure retirement for long-term investors like you and me.

First off, as TheStreet contributor Tanzeel Akhtar delineated this week, Bitcoin IRAs are attractive to investors looking for stability during these volatile times. Amid the threat of nuclear war with North Korea and a spate of terror attacks around the world and uncertain legislation stateside, Americans are looking for safe havens, namely in alternative assets, to park their money. And though gold once reigned supreme for this purpose, Bitcoin has taken up the mantel. Though Bitcoin alone, despite some volatility, could be seen as a hedge to market uncertainty, keeping Bitcoin in a retirement vehicle like an IRA is actually doubly safe.

Bitcoin could be heading to $6,000 by year-end but brace for volatility, experts say

  • Bitcoin could hit $6,000 by year-end, experts said
  • But investors should brace for more volatility as another "fork" could take place
  • Bitcoin rose more than 74 percent in the third quarter
Bitcoin could rally nearly 40 percent to hit $6,000 before the end of the year but investors should brace for more volatility, according to industry experts.

The cryptocurrency was trading around $4,333 on Tuesday.

The third quarter has been one of the most eventful in bitcoin's history. It is up over 74 percent in the September quarter, with a shifting landscape in regulation and developments in the underlying technology taking place in the last three months.

Here's what has happened so far and what experts think is coming next.

The Head of the SEC Is 'Concerned' About ICO Pump-and-Dumps

The head of the U.S. Securities and Exchange Commission (SEC) expressed concern today that initial coin offerings (ICO) may be exposing buyers to possible fraud.

Speaking during an event in Washington, D.C. today, SEC chair Jay Clayton indicated he expects the practice, by which entrepreneurs sell cryptographic tokens that will power future blockchains to fund development, will be susceptible to abuse from "pump-and-dump schemes," according to a report from  Bloomberg.

"This is an area where I'm concerned about what's going to happen to retail investors," he was quoted as saying.

And recent actions by the agency support Clayton's stated fears. On Tuesday, the SEC unveiled a new cyber unit dedicated in part to policing "violations involving distributed ledger technology and initial coin offerings."

South Korea bans all new cryptocurrency sales

South Korea's financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in  China on initial coin offerings.

The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.

"Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well," the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service.

BitPay's Payments Volume Grows by 328%, On Pace for $1 Billion Yearly

It's 2017, six years after we started BitPay and nearly nine years since the Bitcoin experiment began. If you've not been living under a rock, you've seen that the bitcoin price and daily transaction count have taken to new heights this year.

Still, if you're like most people, you probably don't recognize how bitcoin is quietly changing the playing field of payments.

As the world's leading bitcoin payments platform, we get a deep look into how bitcoin is solving real payment problems. To the extent we've helped to solve those problems, we've seen major growth this year. We're now on pace to process over $1B annually in bitcoin payment acceptance and payouts, and we've already grown our payments dollar volume 328% year-over-year from 2016.


Bitcoin ATMs in United States Near 1,000

The United States now showcases  997 Bitcoin ATMs (called BTMs), as tracked by  coinatmradar.com at press time, and that number continues to grow exponentially. In January the number was 550, and by the end of the year it will likely have doubled. Desire for bitcoin on-demand continues to rise, as does the price of bitcoin itself.

With 997 of the 1588 worldwide BTMs, the United States has established clear dominance in that arena. Canada and the United Kingdom take 2nd and 3rd with 255 BTMs and 85 BTMs respectively. This might seem impressive, but CoinATMRadar depicts another 36,000 non-BTM locations if kiosks and retail outlets are included. Oddly enough, it is the developed countries that have the most BTMs rather than the developing or economically unstable countries which stand to reap far greater benefits from divesting from their native currencies. Capital control is speculated to be the limiting factor in many cases.


Senate 2018 Budget Adds $1.5 tln to National Debt: Bitcoin Bubble?
The US Senate Budget Committee has released its 2018 proposed budget for approval in the larger congressional body. The proposal will then be matched with the House proposed budget and worked out for final approval, before being sent to the White House.

The Senate proposal contains provisions that will increase federal spending for this year, adding a jaw-dropping $1.5 tln to the national debt over the next year. Committee members have suggested that the tax cuts would produce economic gains, which would offset the total debt spending.

After 2019, the proposed budget would begin to cut non-defense spending, resulting in substantial budget savings over the next decade. The goal of both the Senate and House proposals is to balance the budget in that time.
Bitcoin unstable?

After recent  comments by the Federal Reserve officers regarding trust in the government, the new budget seems more confidence-eroding than building. While the government can continue to print money and increase the national debt (now nearly $19 tln), Bitcoin is held at a fixed supply.

Multiple analysts have pointed out that as long as  Bitcoin continues to  increasein use cases and  liquidity, the price per Bitcoin will inevitably increase. Just as the Federal Reserve has printed money to maintain a debt ratio, Bitcoin's stability will drive the price up, which should greatly ease investor fears of a  bubble.  

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