Weiss Ratings: Nothing Comes Close To Buying And Hodling Bitcoin
Nothing comes close to buying and hodling Bitcoin, according to Weiss Ratings’ crypto division.
In a recent announcement, the US-based investment ratings agency compared the two leading cryptocurrencies: Bitcoin and Ethereum, and adjudged that nothing compared to buying and hodling Bitcoin.
The comparison goes back to early 2017, when Ethereum first reached $300, while at the same time if you wanted to buy a Bitcoin, it would set you back $1000.
Over three years later, Ethereum is up 20% and currently trading at $359, whereas Bitcoin is up almost 1100% as it targets $11,000 again.
Weiss didn’t completely write off Ethereum, calling it ‘a great trading instrument’, but for any investor with a hodl strategy, nothing came close to buying Bitcoin.
The tweet earned a few negative comments from altcoin enthusiasts, who simply don’t get it.
‘I can’t understand why BTC is so popular,’ said one. ‘Expensive fees and slow transactions. This cant be the future.’
And while he might be right what he’s passing by is that expensive fees and slow transactions aren’t the future.
Shitcoiners Simply Don’t Get Bitcoin
Shitcoiners are fooled by the narrative that Bitcoin is slow and expensive, but can’t see how useless their shitcoins are.
Bitcoin is a brand new currency. Sure, it’s 11 years old, but in currency terms, it’s brand new. And for it to grow from nothing to where it is today is phenomenal.
MicroStrategy CEO, Michael Saylor spent $425 million of the public company’s treasury recently, buying Bitcoin. He didn’t invest any of it in Ethereum or any other shitcoin.
So, what does Micahel Saylor see that shitcoiners don’t?
‘The winning formula for the past 10 or 15 years has been find a digital dominant network that has dematerialized some fundamental thing,’ said Saylor on the Stephen Livera Podcast.
‘You buy them when they’re $100B market cap. When they’re 10 times bigger than the next biggest thing and they’re $100 billion, they’re probably going to crush everything.’
Saylor likened Bitcoin’s time and dominance to that of Google, YouTube and Amazon and their competitors, but also said he didn’t see any other shitcoin as a competitor to Bitcoin.
Bitcoin is finding its place, it’s a store of value and a safe haven. Many want immediate peer-to-peer, money but who really wants to spend Bitcoin right now?
Roger Ver has tried his best to convince the world that Bitcoin should be a peer-to-peer cash right now, and introduced cheaper and faster payments with the BCH hardfork.
But the market has spoken and Ver’s BCash project has failed. At $4 billion the BCash market cap is 50 times smaller than Bitcoin’s.
Nothing Comes Close To Bitcoin
Weiss Ratings might claim nothing comes close to buying and hodling Bitcoin, but the fact is nothing comes close to Bitcoin full stop.
Sure, some shitcoins are faster, cheaper, and can host more on their platforms, but they’re far from realizing their promise, and many doubt they ever will.
Bitcoin detractors claim Bitcoin hasn’t fulfilled its promise, but changing how people buy and sell goods will take a long time, especially if it isn’t government controlled.
If you doubt Bitcoin is a store of value or a safe haven against government monetary policy, just look at where the smart money is heading.
Gold is absorbing a lot, but as Micahel Saylor says, ‘Bitcoin isn’t 10 times better than gold, it’s 100 times, maybe it’s 1000 times better than gold.’
He gets it, Weiss Ratings gets it, and shitcoiners will one day get it, probably when it is peer-to-peer money, and very expensive to buy Bitcoin.
Author: Tommy Limpitlaw