One of the most prominent rating agencies in the world, Weiss Ratings finally changed Bitcoin’s grade from B to A, which makes the cryptocurrency, the most technologically and economically advanced cryptocurrency out there.
The world’s numero uno cryptocurrency has bagged an A- which is BTC’s highest ever score bestowed by the ratings’ agency. The ratings have come a long way, from January 2018, when Weiss did not post flattering results for bitcoin.
At the time, Crypto-News India had reported that bitcoin had scored a C+ (fair) while Ethereum scored B (good) whereas Steem scored B-. The plot twist that nobody expected was, the fact that a) Steem scored higher than Bitcoin and b) Not a single cryptocurrency warranted an A.
However, investors are not too upset by the grading. They said, “It is a passing grade, and for investors, implies the equivalent of ‘hold.’” Grades of D and E, are the equivalent of a sell, with the release citing crypto minnows Novacoin and Salus as examples of a D.”
In their defense, Weiss said, “due to ‘rapid changes in the data,’ their crypto ratings will need to be updated on a more frequent basis than ‘other sectors that [they] cover.”
In September last year, the agency had predicted that Bitcoin will lose almost fifty per cent of its market share to Ethreum in next five years if it fails to upgrade its technology.
Weiss Rating’s argument was focused around Ethereum, as it offered more use-cases than Bitcoin with its ability to create smart contracts and decentralized applications. It says that Ethereum is developed on much superior blockchain technology and is light-years ahead of Bitcoin in terms of everything except price.
It had mentioned that until Bitcoin’s improved its scalability issues and the technology it runs on, it would continue to lose against Ethereum, which is its nearest rival over five years or so.
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