As the cryptocurrency and blockchain industry becomes mainstream, more companies and organizations will have to start taking part in this turnover, and consider cryptocurrencies to keep up with the latest technologies. The rating Agency Weiss recognizes the ever-growing presence of digital currencies, so it has prepared a rating of cryptocurrency Weiss.
In a notice on their Website, an independent financial ratings Agency announced that they were going to release a cryptocurrency rating. Weiss is a company founded in 1971, it claims to become the only independent rating Agency United States, covering ratings of stocks, ETF, mutual funds, insurance companies, banks, credit unions, and now also digital currencies. Currently, the company’s ratings cover more than 55,000 institutions and investment options.
The rating of digital currencies was made on 24 January and includes such cryptocurrencies as Bitcoin, Ethereum, Ripple , Bitcoin, Cash, Cardano, NEM, Litecoin, Stellar, EOS, IOTA, Dash, NEO, TRON, Monero, Bitcoin Cash, Gold and many others.
It is the first financial ratings Agency to claim that the ratings are based on “a stunning model that analyzes thousands of data on every technology, usage, and cryptocurrency trading scheme.”
The founder of Weiss Ratings, Martin D. Weiss said:
“Many cryptocurrencies are murky, ultra-high and vulnerable to disruption. The market is desperately in need of clarity, which can only provide reliable, unbiased ratings. We are proud to be the first to bring this benefit to investors – to help them overcome the hype and identify a few truly reliable cryptocurrencies. Our ratings are based on accurate data and objective analysis. But they inevitably create contradictions, including some estimates may come as a surprise to investors.”
Fair and balanced company
According to the advertisement on its website, Weiss Ratings maintains that the company is different from other rating agencies, which are mainly focused on larger companies that can afford to pay them a large commission. The agency covers all companies, large or small, as long as they report sufficient data for analysis. His independence and accuracy were noted by the US Government Accountability Office (GAO), Barron’s, The Wall Street Journal and The New York Times.
Financial ratings of cryptocurrency means more legitimacy for real digital currencies. This is a very positive sign of development in the cryptocurrency market, which was filled with negative news in recent weeks, by the fall in rates we wrote earlier, by bankers, politicians and even recognized by all media, still labeling Bitcoin and cryptocurrencies as a “bubble”, “scheme Ponzi “,” criminal “and” fraudulent “tool, this step is another step towards the adoption by the society and financial institutions in the whole industry of the cryptocurrency.
On the Weiss rating
Bitcoin Weiss Ratings issued the following verdict:
- “Bitcoin (rated C+) gets excellent scores for security and widespread adoption. But it faces serious network issues, causing transaction delays and high transaction costs. Despite intensive ongoing efforts that achieve some initial success, Bitcoin does not have an immediate mechanism for quickly upgrading its code.”
- Meanwhile, Ethereum has received a “B” rating due to “faster technology upgrades and better speed.”
- Bitcoin Cash received a “C -” rating slightly ahead of the relatively unknown SaluS and Novacoin, which reached a “D” rating with a “sell” recommendation.
Weiss has not awarded any of the cryptocurrencies currently available an “A” rating.
In social networks, Weiss Cryptocurrency Ratings criticized for the approach to blockchain technology and cryptocurrency valuation, similar to the rating of traditional shares.
During the week of the world economic forum 2018 in Davos, Switzerland, significant financial experts made critical assessments of the cryptocurrency.
In the presentation, the Chairman of the Swiss national Bank Thomas Jordan called for the regulation of bitcoins “similar” to traditional financial instruments.
Economist Joseph Stiglitz, meanwhile, told Bloomberg at the same event, that Bitcoin is used only for “secrecy”, and that any trading operation can be processed by the US dollar.
The founder of Weiss Ratings Martin Weiss presented a forecast for the future, commenting on the official release of the rating that “despite the extreme volatility of prices, cryptocurrencies have a bright future and the potential to provide unusually large profits to investors.”
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