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September 26nd, 2017- In This Issue:


Bitcoin is currently trading $3,956.33 and ready to crest $4,000 once again. However the market is acting a bit listless with volumes well below their averages.

Without any substantial news to change the dynamic we expect to see more of the same over the next few weeks.

Our only advice would be to buy the dips, hold on for the long term and tell your most beloved friends and relatives to hop on the bitcoin bandwagon before prices rise any higher.


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 Will Reach $500,000 Realistically: Snapchat's First Investor



Jeremy Liew, the first investor in Snap Inc., the $24.5 bln parent company of popular social media platform Snapchat, said in an interview with Business Insider that Bitcoin price can realistically reach $500,000 by 2030.

Since its introduction in 2009, with the exception of one year, Bitcoin has consistently been the world's best-performing currency and asset.

Contrary to the perception of Bitcoin by the general consumer base, Bitcoin's volatility rate has significantly decreased over the past few years and has transformed into a stable store of value, digital gold and settlement network.

Bitcoin is currently being utilized globally as a means of payment and efficient remittance method. In fact, as reported by Cointelegraph in February, the Philippines officially recognized Bitcoin as a legitimate remittance and payment method.




Gravity's Pull? Litecoin Is Down 50% from All-Time Highs and Looking Lower



The litecoin-U.S. dollar (LTC/USD) exchange rate is again trading below $50, just three weeks after setting a new all-time high just below $100.

While the sell-off is in line with the broader market weakness, it may be alarming given the recent losses and the lack of signals for a bullish reversal. As of writing, the cryptocurrency (known as "silver to bitcoin's gold") was trading at around $45.

According to data from  CoinMarketCap, litecoin has shed 11 percent in the last 24 hours. On a weekly basis, litecoin's price is down 14 percent, and, for the month, it's down 1 percent.

Perhaps most notable, however, is that the cryptocurrency has lost more than 50 percent of the gains its achieved during its  tech-influenced revival  earlier this year, during which it climbed from $3.27 (September 2016 low) to $100 (September 2017 high).




Bitcoin Trading at 85% Premium in Zimbabwe - Priced at $7,200



Stories of  hyperinflation in various countries have been mounting in recent days. As citizens face the reality that their country has devalued its currency, they are forced to take backpacks of cash to buy a loaf of bread.

Within these devalued currency environments, other forms of money--stable ones--are welcomed.  Zimbabwe is one such nation. There, hyperinflation reached a critical point in 2008, and is threatening again. The country appears to be headed toward another bout of hyperinflation and citizens are turning to dollars and Bitcoin.

he use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept.

In all the chaos, the  price of Bitcoin on the local exchange,  BitcoinFundi, has soared to $7,200. This premium reflects a frantic desire to find ways to transact within an economy where government controls have made traditional means impossible.




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Money Manager Josh Brown: 'ICOs Are Where The Frauds Will Take Place'



Josh Brown, the money manager and bitcoin bear-turned-bull, had some harsh words for initial coin offerings (ICOs) in a new blog post: in his words, the funding model is "where the frauds will take place."

Writing on his  Reformed Broker blog, Brown - who earlier this month  told CoinDesk that he thinks ICOs will "blow up in everyone's face" - reiterated his position, citing the incredulity shared by West Loop Partners general partner Jeff Carter in  a new blog post of his own.

"Jeff's a friend of mine but he comes at these things from a Chicago floor trader - turned angel investor's mentality. I come at these things from a reformed stock broker's perspective. We don't always see eye to eye but, in this case, we've arrived at exactly the same place. ICOs are where the frauds will take place."


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Unverified Rumor Circulating That Amazon May Accept Bitcoin By October
Rumors are circulating that  Amazon may begin accepting Bitcoin as a payment method this October. The rumors appear to stem from a recent  report on squawker.org, Some  surveys have indicated that the company would have a financial reason to do so, but no official announcement has been made.  

The squawker.org article references a mention in investor James Altucher's newsletter. According to the source, Altucher is an experienced trader who many believe could have pre-announcement information. The article comments:

"James Altucher has (co)founded more than 20 companies, authored 11 books, and has been a contributor to several major publications.He is a former hedge fund manager and venture capitalist turned activist blogger/podcaster and offers a subscription based mailing list - the source of the Amazon information."

Such an announcement is a long shot, but isn't inconceivable. As online retailers begin to embrace Bitcoin, Amazon will likely respond in kind, in order to maintain its dominance. Overstock CEO  Patrick Byrne said:
"They have to follow suit. I'd be stunned if they don't, because they can't just cede that part of the market to us, if we're the only main, large retail site accepting Bitcoin."





Bitcoin Cash's Death Spiral

This isn't primarily about Bitcoin, but Bitcoin Cash -- the forked currency.

It's vulnerable to a 51% attack.

If you have money in it right now, reconsider your position.

The rest of us can learn a lot about how a coin goes "bankrupt."

Jamie Dimon is now facing a  market abuse report after claiming that Bitcoin is a "fraud." If he'd claimed this about Bitcoin Cash (BCH), however, he might have been doing everyone a service.

The reason?
BCH is currently in a death spiral currently. At around 9 p.m. ET on Sept. 21, Bitcoin had 99% of the world's (relative) hashing power (that's the computing power to make the blockchain run), while BCH had the  remaining 1% (see photo below). This isn't the first time that's happened either (I've circled other cases).




Bitcoin ETFs on the Horizon



The most popular cryptocurrency suffered a setback when China halted Bitcoin trading. But in the U.S., the ETF industry is pushing ahead to develop a Bitcoin derivatives market and issue new products.

Bitcoin, the cryptocurrency polarizing governments, banks, and investors alike, has plummeted more than 25%, to around $3,580, from its early September peak of $4,950.72, according CoinDesk. The sell-off was largely driven by Chinese regulators formally shutting major Bitcoin exchanges.
It didn't help that JPMorgan Chase CEO  Jamie Dimon called Bitcoin a "fraud" and "worthless" and that Bridgewater's Ray Dalio called it "a bubble" in the days following China's crackdown. Fundstrat Global Advisors' Thomas Lee disagrees, saying that China's recent moves are a short-term head wind, given that the region represents just 20% to 25% of global trading volume. Lee, in a recent note to clients, wrote that Bitcoin was "increasingly representing the gold investment" for millennials and will ultimately displace the precious metal in portfolios. He contends that Bitcoin could reach $25,000 by 2022, given that it accounts for 5% of the $7.5 trillion alternative currency market, which is growing by 6% annually. By early 2018, he sees it hitting $6,000, a whopping upside of 68%.




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