Martin Weiss, the founder of Weiss Ratings and the newly-launched Weiss Cryptocurrency Ratings, took the time to dispute Warren Buffett’s unnecessarily negative remarks regarding Bitcoin and other cryptocurrencies at Saturday’s Berkshire Hathaway shareholder meeting.
Three Levels of Significant Value
In response to Buffett’s statements that Bitcoin is probably “rat poison squared” and creates nothing of value, Weiss noted that “many well-respected investment and financial experts seem to underestimate the tremendous benefits cryptocurrencies can provide in terms of speed, security, and decentralization.”
In a recent press release, Weiss explained that cryptocurrencies note only do provide something of value, but actually can have significant value on three levels:
1. Intrinsic value: With many of the advanced cryptocurrencies, investors and users effectively gain a share of a major Distributed Ledger Technology (DLT) platform, with great computing power around the world.
2. Exchange value: This is already a proven quantity and is bound to grow as cryptocurrencies are more widely used in an expanding range of transactions — both in exchange for traditional currency and for goods or services.
3. Monetary system: Select cryptocurrencies could become the basis for a new digital monetary system with the potential to be more stable and less subject to manipulation by governments.
Though not everyone agrees with Weiss’ ratings, the company is well-known for its objective analysis on 55,000 institutions and a wide variety of cryptocurrencies — which is certainly more objective than Buffett’s harsh bearishness.
Thus far, Weiss has had a fairly strong track record when it comes to analyzing cryptocurrencies.
The company is notably bullish on Cardano (ADA), NEO (NEO), and EOS (EOS) — all of which have performed exceptionally well over the past few weeks. Stated the company earlier this month:
[…] Our highest-rated cryptocurrencies on fire … Cardano rose from its 2018 low of US$0.14 to a recent high of $0.38. NEO went from $44.62 to a $92.63. EOS has surged from $4.01 to its recent high of $21.13! […] I have written frequently about these super coins. They are truly worthy of your investment dollars.
At the same time, Weiss recommended avoiding ZClassic (ZCL), Bitcoin Private (BTCP), Bitcoin Prime, and any other Bitcoin fork — including the intellectually dishonest Bitcoin Cash (BCH).
What do you think of Weiss’ response to Warren Buffett? Do you agree with the companies cryptocurrency ratings? Let us know in the comments below!
Images courtesy of Flickr, iStockPhoto
