- Bitcoin gets an overall B rating and further tops in investment reward and risk categories
- It is not to be used as a payment system rather an unconfiscatable store of value
From a “C+” rating, Bitcoin has now gotten one step up at “B” by the standards of Weiss Crypto Ratings which Juan Villaverde explains how the “C+” was the result of investor risk algorithm and with Bitcoin, the risk being “very high” dragged down the overall rating.
However, since going through the worst crypto bear markets in Bitcoin history, Villaverde says, the “tides have changed and dramatically so.” Three factors viz. vastly improved adoption, a significant evolution of technology with upgrades in bitcoin and new advances in altcoins, and bargain-basement prices are worth noting since early 2019.
“We heralded the beginning of a new bull market, supported by the best combination of fundamentals and value in many years.”
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
Bitcoin has now received an overall “B” (good) rating.
Per Weiss Crypto Ratings, Bitcoin, Ethereum, Ripple, Litecoin, and then EOS are the top coins by rating and adoption.
However, when it comes to top coins by technology, Ethereum rules followed by Stellar, Cardano, NEO, and Ontology.
Bitcoin is the top coin by investment reward followed by Litecoin, Binance Coin, EOS, and Cardano. All of these coins are up by more than 120 percent till date in 2019. As for investment risk category, Bitcoin leads yet again with Binance Coin in tow followed by Ethereum, Ripple, and Litecoin.
Bitcoin Is The Next Step In The Evolution Of Money
Talking about what Bitcoin actually is that is a digital asset but more than just “digital,” Villaverde explains how the fact that no one owns the Bitcoin ledger the way central banks and governments control the fiat money created by them makes Bitcoin a “wrenching paradigm shift” in the world monetary history.
Before Bitcoin, the options for an asset with no central authority control on its supply limited to gold and silver or other commodities like copper. The stable gold prevailed the world’s monetary regime for thousands of years until the world moved from physical money to digital and something “seismic” changed.
Money is no longer a neutral asset and is now inseparable from the state. It is basically a tool, used and controlled by governments.
Now, Bitcoin is the “next step in the evolution of money.”
Bitcoin Is Not To Be Used As A Payment System
Conceived as a new monetary system to be used as a medium of exchange, Bitcoin has rather evolved in another direction.
“Nothing in its future development gives us confidence it can ever become a form of money people widely use to buy and sell goods and services,” Villaverde wrote.
This he says isn’t due to it being slow and expensive to make transactions but because people believe it will be worth more in the future that it is today. Bitcoin HODLers would rather spend “almost anything” than the precious BTC which shifts Bitcoin’s use case to be an “unconfiscatable store of value.”
Bitcoin is more like gold in a vault than paper money in the pocket due to the fact that it is conceived and designed to be scarce, difficult to produce, and expensive to move but easy to store safely.
Unlike gold, however, Bitcoin is weightless and costs virtually nothing to store making it a perfect store of wealth.
However, Villaverde points out how in order to remain viable in the long run, Bitcoin has some challenges to face in the form of scalability, privacy, and energy consumption. But despite these challenges, he points out that Bitcoin excels in adoption and its risk/reward metrics will continue to improve as a “sustainable bull market unfolds.”
“Our recommendation: Wait for a substantial price correction. Then buy with funds you can afford to risk,” concludes Villaverde.
All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News
This article is Originally posted on CoinCentral.com