Weiss Ratings: ‘Bitcoin Will Again Rise Up and Head for New All-Time Highs’

Siamak Masnavi

On Thursday (January 3rd), Juan M. Villaverde, who is a crypto-focused econometrician and mathematician at Weiss Cryptocurrency Ratings (a division of independent financial rating agency Weiss Ratings), published their "crypto forecasts for 2019 and beyond."

Villaverde started his report for forecasts report for Weiss Cryptocurrency Ratings by pointing out that although 2018 was a "disaster" as far as cryptocurrency prices are concerned, it was also "the year of major progress." Here are a few examples of the achievements made in 2018:

  • "Hashgraph, an innovative approach that takes us beyond blockchain, was developed."
  • "Holochain, also based on a non-blockchain approach, was introduced to the world."
  • "Bitcoin launched its Lightning Network to help speed up transactions."

Next, Villaverde explained that the analysis that resulted in these 2019 forecasts was based a combination of their cycles model (which "helps estimate the timing of major market trends") and their ratings model (which "identifies the coins with the strongest combination of risk, reward, technology and adoption").

Bitcoin Forecasts

  • "Bitcoin will be increasingly used as a store of value." Villaverde says that Bitcoin is on its way to becoming "digital gold" since no other asset offers its combination of security, easy/free storage, and efficient transport.
  • "The price of Bitcoin will rise again and head for new all-time highs." Villaverde argues that although Bitcoin has been pronounced dead by experts several times until now, after every bear market, Bitcoin has bounced back, and that "thanks to the 2018 price declines, most of the weakest hands in the market have departed" while "diehard believers have held firm or even accumulated more Bitcoin." And since adoption has also increased, he believes that we are ready for a "new bull market" in 2019, and that once again Bitcoin is poised to "rise up and head for new all-time highs."

Altcoin Forecasts

  • "Select altcoins will rise from relative obscurity to as much as 20 times their previous all-time highs." Unfortunately, these coins are not named!
  • "A select group of cryptos will compete to build a new kind of internet." Examples of coins aiming to create what he calls "Internet 3.0" are EOS, Cardano, and Holochain.
  • "Another select group of cryptocurrencies will disrupt the world of banking." The two main challengers for this task are XRP and Stellar Lumens (XLM). In particular, he says that if XRP "can manage to chip away at SWIFT’s market share and even replace it in some areas, there’s a chance that XRP could eventually become the world’s No. 1 cryptocurrency."
  • "Bitcoin me-too coins will fade away." Examples of coins that Villaverde believes have "no innovative use case" are Litecoin (LTC), Bitcoin Cash (BCH), and Bitcoin SV (BSV).
  • "New coins will rocket to the top 10." Two examples of new coins that are fairly obsecure now but could break into the top 10 are Holochain (HOT) and Hedera Hashgraph (HBAR).

 

Featured Image Credit: Photo via Pexels.com

Attention Crypto Engineers: Jack Dorsey Wants You, Ready to Pay Salary in Bitcoin

Siamak Masnavi

On Wednesday (March 20th), Jack Dorsey, the CEO of Twitter and Square, announced that FinTech startup Square is hiring four full-time "crypto engineers" to "work full-time on open source contributions to the bitcoin/crypto ecosystem" and proceeded to explain why.

Dorsey has been a huge fan of crypto in general and Bitcoin in particular for quite a while now, and this was by no means the first time that he has publicly talked about crypto. For example, here's what he tweeted on 30 December 2016:

 On 16 May 2018, according to Bloomberg, while speaking at the Consensus 2018 conference, he had this to say about Bitcoin:

“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not, but I hope it will be.”

More recently, on February 1st, during an interview with Joe Rogan (episode #1236 of "The Joe Rogan Experience" podcast), Dorsey once again reiterated that he believed Bitcoin would eventually become the "native currency" of the Internet:

"So, back to the Internet, I believe the Internet will have a native currency. It will have a native currency, and I don't know if it's Bitcoin, and I think it will [be] given all the tests that it's been through, the principles behind it, how it was created... It was something that was born on the Internet, developed on the Internet, it was tested on the Internet. It is of the Internet... And the second thing is that we would love to see something become a global currency. It enables more access. It allows us to serve more people. It allows us to move much faster around the world."

Dorsey's most recent words about crypto, though, came on Wednesday (March 20th), when he started with a tweet that looked like a job posting:

He then explained that he had arrived at this decision as a result of a conversation last week with Square employee Mike Brock, who is leading Strategic Development for the Cash App, during which Brock had told Dorsey that the best way to help the crypto community was by improving the crypto ecosystem:

Next, Dorsey pointed out that although Square was going to be hiring these crypto enginners and paying them, none of the work that they will be driven by Square's business interests, and that whatever contributions they make will be open source and free for anyone to use:

Dorsey thinks of this initiative as giving back ("in a small way") to the open source community:

And this is how he professed his love for blockchain technology and the crypto community:

Dorsey's idea has been met by thunderous applause. Here are some of the reactions:

Binance CEO Changpeng Zhao ("CZ") also joined the conversation by pointing out that Binance is happy to pay its employees in Bitcoin (BTC) or Binance Coin (BNB):