Bitcoin Upgraded To ‘B’ By Weiss Ratings
Weiss Ratings revealed yesterday that it has upgraded Bitcoin from a ‘B-‘ to a ‘B’. However, it still recommends holding out for a price correction before buying.
Highest Rated Bitcoin Just Gets Better
The, perhaps most respected, independent ratings agency, Weiss rates cryptocurrencies based on four factors, technology, adoption, risk, and reward. These are often split to give two ratings, one for tech/adoption, and one for risk/reward. A combined average of these is used to work out an overall rating.
Bitcoin’s tech/adoption score has been rated a solid ‘A’ for some time now, largely thanks to improvements such as Lightning network. The risk factor has always dragged it, and all cryptocurrency, down.
However, recent price gains have improved the reward, bumping risk/reward up to a ‘C-‘, and giving Bitcoin an overall rating of ‘B’
Top Of The Heap, But Not A Buy… Yet
So Bitcoin rules the roost, according to Weiss. After ten years at the top, the grand-daddy of all cryptocurrencies still sets the standard by which others are measured.
But despite the upgraded rating, vastly improved adoption, and significant technological evolution, Weiss doesn’t recommend buying bitcoin at the moment.
The reason? Bitcoin’s success is its downfall; those recent price gains have led Weiss to anticipate a “substantial price correction.” After which, we are recommended to “buy with funds we can afford to risk”
Bitcoin is now rated 'B'. Our recommendation: Wait for a substantial price correction. Then buy with funds you can afford to risk. Find out more details about our rating of BTC:
— Weiss Ratings (@WeissRatings) June 13, 2019
That’s a far more conservative message than the ‘best buying opportunity since 2015’ that it heralded last month. But Weiss still says that we are enjoying the first phase of a new bull market, and that risk/reward rating will continue to improve as a sustainable bull market unfolds.
Some People Are Never Happy
So, Weiss tweeted a positive development for Bitcoin. Surely nobody can be upset or offended by that? Anyone? Anyone? Bueller?
Well, there was one section of the crypto community which had something to say about the matter. Can anyone guess who it might have been?
Yep, the Ripple army seems to have taken Weiss’s tweet as a personal affront. Three out of the five comments on the post mention XRP, seemingly because Weiss had omitted to mention it in the actual tweet.
How very dare Weiss not mention XRP in a tweet about Bitcoin. I mean, it’s not like Weiss is also very positive about XRP or anything. Or like Ripple is also graded a ‘B’, along with Ethereum.
Oh no. I mentioned Ethereum in a sentence about Ripple. Well that’ll be the floodgates open then…
What do you think about Weiss’ ‘B’ rating for Bitcoin? Share your thoughts below!
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