The Best Time to Buy Bitcoin is Now - Weiss Rating
The rating agency believes that Bitcoin is the best way to store value in the long run.
Bitcoin is grossly oversold and ridiculously cheap, and thus offers an incredible investment opportunity, according to Weiss Rating, a provider of independent ratings for stocks, mutual funds, cryptocurrencies, ETFs and financial institutions.
While the massive sell-off wiped over 40% of Bitcoin's value in November alone, the company believes that at this point it is the least speculative asset and the most fabulous store of value, as 2019 is going to become a year of change for the cryptocurrency to the benefit of those who play it long-term.
Moreover, Weiss believes that regulators would tread carefully in 2019 to find a balance between the need to ensure investor protection and foster innovation and the development of financial technology.
Earlier, Weiss explained why this Bitcoin plunge is different.
This approach chimes with the position of many hardcore cryptocurrency enthusiasts, who believe that Bitcoin is oversold and ripe for rebound.
For example, the CEO and founder of Fundstrat Global Advisors, Tom Lee, recently said that Bitcoin's fair value should be somewhere between $13,800 and $14,800, considering the number of active wallets, supply and demand forces and usage per account.
“Fair value is significantly higher than the current price of Bitcoin. In fact, working backwards, to solve for the current price of Bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently,” he explained, as cited by Bloomberg.
Meanwhile, Allianz CEO Andreas Utermann has taken quite the opposite view. Recently, he urged the governments to outlaw virtual money altogether as wild price gyrations on the cryptocurrency market destroy investors savings.
Global regulators are wary of digital money due to low investor protection, potential price manipulations, and vulnerability to hack attacks; they are likely to soften their approach towards digital assets as the industry adopts rules and turns from a Wild West situation into a civilized place.