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September 8th, 2017- In This Issue:

The calm before the storm edition. 

As many people are preparing (including us) for what may turn out to be one of the most devastating hurricanes to ever hit the east coast. We find ourselves anxiously awaiting in the proverbial calm before the storm. Both the east coast and the bitcoin markets are preparing for the storm to come. 

Bitcoin has settled into a comfortable trading range as it consolidates the gains of last couple of weeks preparing for another push which may very well see the market rise above the $5,000 mark once and for all. 

We are looking for strong buying coming in over the weekend and expect at least one good attempt by the bulls to get us over the top. However, this price level is as much as psychological barrier as it is a technical one, so don't be surprised if we're not able make it on this go around. As always, buy the dips if you are looking to the long term for bitcoin. 

Special Note: Bitvest is based in South Florida and it may be difficult to contact us over the course of the next several days. Hopefully the storm will pass without doing too much damage and it will be business as usual Tuesday morning.

God bless us all and keep everyone safe. Ohh and while your watching over us, maybe you could help get bitcoin over $5,000 too, wink wink..

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)

Ethereum, Bitcoin Prices Tick Up as Market Targets $170 Billion

The markets were more calm than usual on Friday, with no top 10 coin shifting more than 9%. Both the bitcoin price and ethereum price posted minor advances toward new thresholds, while privacy-centric coins made the most significant gains.

The slight but general upswing in prices allowed the total cryptocurrency market cap to add a few billion dollars. Yesterday, the total value of all cryptocurrencies was $161.8 billion. That rose as high as $165.3 billion Friday morning, although it has tapered to about $164 billion at present.

The bitcoin price has recovered nicely from the early week sell-off triggered by the China ICO ban. Once again, the bitcoin price rose less than 1% for the day, but this did lift bitcoin over the $4,600 threshold and ever closer to its all-time high. Now, the bitcoin price now has $4,700 within its sights. Bitcoin rose as high as $4,661 this morning, but at present,` it rests at $4,618. This gives bitcoin a market cap of $76.4 billion.

Who Owns Bitcoin Universe: From Satoshi Nakamoto to Winklevoss Twins and More

The transparency of Bitcoin goes a long way in determining the price of the digital currency, as much of the market movement can be put down to where the money is moving. However, it is a lot harder to figure out to whom the money is moving.

Financial markets are determined by supply and demand factors, as well as information on who owns an asset and who wants to buy that asset. This of course relies on market transparency, as traders and insiders watch what hedge funds and pension funds are doing with their equity holdings.

Bitcoin is obviously slightly different as the digital currency is transparent -  but anonymous.


Luxury Dubai High Rise Apartments Will Be Sold for Bitcoin
This week two business luminaries, Baroness Michelle Mone and Douglas Barrowman, have announced the sale of 2.4 million square feet of Dubai residential property will be sold for bitcoin. The residential 40-storey tower apartments will be the first properties located in Dubai's Science Park priced and sold for a cryptocurrency settlement.

The First Dubai Development Properties Priced in Bitcoin

Through a partnership with  Knox Group  and the bitcoin payment processor Bitpay, a selection of 1,133 studio, one- and two-bedroom apartments, ready for completion by September 2019 will be sold for bitcoin. The Aston Development properties offer unique floor-to-ceiling windows with views of the  Dubai Hills and city's skyline. Further the project was developed by the well-known architects John R Harris & Partners alongside interior design by Michelle Mone Interiors. According to Knox Group, the development will feature three floors of cafes, restaurants, a supermarket, and boutiques.

Seventy-eight billion reasons why Bitcoin's the new gold 

The idea has a lot of intuitive appeal. Gold bugs and bitcoin fetishists tend to share a deep distrust of fiat currency and the nation state, an impregnable bullishness about their favored asset class, and an obsessive attention to details of market movements combined with a blithe disinterest in bigger-picture issues. 

The idea has become particularly popular as the value invested in bitcoin and other cryptocurrencies has marched upward over the past year. Even after this week's selloff, prompted by China declaring initial coin offerings illegal, the value of all cryptocurrencies in circulation is around $155 billion, according to Coinmarketcap.com. 

hat may sound small compared to the $7.8 trillion notional value of the world's 187,200 metric tons of gold. At the same time, it's already about a tenth the value of the 40,000 tons of yellow metal used for investment as bullion bars and coins, and has overtaken the amount held in gold exchange-traded funds. At more than $78 billion, Bitcoin alone isn't far from overtaking the $90 billion-odd invested in all gold ETFs. 

Bitcoin Congressman Polis Legislation Abolishes Tax For US Crypto Payments Below $600

Bitcoin-friendly congressman Jared Polis has introduced legislation that could allow US citizens to pay in cryptocurrency without reporting it for tax.

The Cryptocurrency Tax Fairness Act, a bipartisan effort with Republican David Schweikert, aims to give everyone a $600 leeway to use crypto without needing to submit a tax return to the IRS later.

Bitcoin and virtual currencies are still classed as property in the US, obligating users to report any form of gains or losses on holdings each tax year, regardless of amount.

The issue is especially poignant in 2017, as the US's largest exchange  Coinbase battles the IRS in what consumers and politicians alike have criticized as an "overly broad" tax investigation.

"To keep up with modern technology, we need to remove outdated restrictions on cryptocurrencies, like Bitcoin, and other methods of digital payment," Polis said in a press release Thursday.  

What you need to know about the latest Bitcoin Boom
You may have noticed reports about Bitcoin's value recently - its price is headed into the stratosphere.

The crypto-currency's  recent meteoric price rise over the summer has seen one Bitcoin go from being worth $1,500 in early May to  more than $5,000 over the weekend, before dropping to $4,654 at the time of publication.

Bitcoin is notorious for its  volatility, but the recent peaks are unprecedented. In late 2013 its value jumped from around $100 to $1,000 - a bigger percentage increase - but it is worth more than four times that today.

"Recently there's been a lot more talk in the media and others have been investing," explains Kiran Varughese, another amateur investor, who works for an elevator company in Dubai.


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