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Cryptocurrency investors, enthusiasts and fans alike now have a very good reason to be highly optimistic about the future of Bitcoin (BTC) based on a new rank given to the the largest cryptocurrency by Weiss Crypto Ratings.
For those who are unaware, Weiss Crypto Rating is a provider of investment data and it is based in the United States. Since this investment data firm came into existence, this is the first time it will be upgrading the score of Bitcoin. The rating of Bitcoin was not upgraded to just any score, it was upgraded to a sturdy A- grade.
Martin D. Weiss’ Views on the New Bitcoin Rating Upgrade
According to the founder of Weiss ratings, Martin D. Weiss, this new upgrade of Bitcoin has come a very long way from the C+ Bitcoin got in January, 2018. He went further to explain that the previous rating model of 2018 revealed that the risk of investing in Bitcoin had skyrocketed, the cryptocurrency’s technology was obsolete, and the entire Bitcoin network was written off as clogged. Weiss divulged that Bitcoin lovers hated every bit of their ratings, but sadly, the rating was correct.
All these were shared by Weiss in a letter that was sent to the crypto magazine Forklog. He had a lot to say as he delved into the crash of Bitcoin and how it ushered in a huge bear market for practically all the virtual currencies in existence. However, the story has changed now as the Weiss rating model is giving ratings that are quite different than its prior reports in 2018.
For Weiss, Bitcoin hit rock bottom back in December 2018, and within a hundred and ninety days, the popular virtual currency quadrupled in its value. And now, the Bitcoin network can be said to be “back to normal.” Weiss has also added that the rise of Bitcoin was a surprising overnight event as his company upgraded the score of Bitcoin back to “buy” some months ago.
Currently, the upgrade is not just a mere “buy,” it is a very “solid buy.” He also dropped some advice, as he mentioned that investors should not rush to purchase digital coins all at once. His exact statement was that “it’s always more prudent to wait for a normal correction.”
Weiss Already Predicted the Rise of Bitcoin
Weiss Crypto Rating launched an in-depth report back in March. The report centered around the upcoming trends in the virtual currency market, and it assigned high grades to cryptocurrencies that had the best combination of both acceptance and innovation. This was a sign of long-term success. At the time of that report, Bitcoin was predicted to be in the best positioned that will turn into a prominent store of value for both investors and savers. It’s also important to point out that Weiss has predicted even earlier, at the beginning of the year, that the Bitcoin price will keep on rising.
However, Weiss did not back down in giving his stern warning for investors not ignoring the risk of a loss as it remains very high in the virtual currency market than any other asset class.
Weiss rates virtual currencies for the sake of investors, and earlier this month, Litecoin (LTC) was ranked as excellent in regards to both investment rewards as well as adoption. This upgrade in the ranking of Bitcoin might just drive in more investors into the cryptocurrency market.