For the first time, the bitcoin received the A from a rating agency. The Weiss Ratings has updated the marks to A – and gave a strong purchase recommendation for the currency.
Weiss Ratings was the first traditional rating agency to assign ratings to the bitcoin and other cryptocurrencies. In the first dissemination of their analysis, the ethereum received a B, while the bitcoin received only a C +, which provoked reactions in the community.
In January last year, the company said that “the risk of investing in bitcoin was off the standards.” The agency has also qualified that “its technology was outdated and that its network was clogged”. In 2018, the price of the bitcoin fell more than 70%. “Now, however, our model is telling us exactly the opposite,” said Martin D. Weiss, the company’s founder, in a note to its clients.
Change in the bitcoin rating assessment
The executive stated that today the reward that the currency provides to investors outweighs the risks. “After falling much in December, the bitcoin quadrupled in value in less than 190 days. Its technology has been updated. Its network is back to normal. This was not an overnight event”, he said. However, instead of running to buy it immediately, Weiss advises to “wait for a standard adjustment” before starting.
Currently, the bitcoin is the only one that holds the rank A from Weiss. Yet, the ethereum has a B + rating, whereas the XRP and the litecoin have a B.
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