As previously seen on smartereum.com, Weiss Ratings is an agency that is well known for is financial forecasts, even though they haven’t always been right about their predictions in the past. Their most recent prediction by the firm claims that Bitcoin (BTC) will lose 50 percent of its market share and it would go to Litecoin (LTC) instead. Nevertheless, after experiencing so many criticisms across the whole digital currency industry, they have backtracked their statement.
The Early Phases of Weiss Ratings
When Weiss Ratings first emerged, they were ready to take on the digital currency space. With a series of ratings about blockchain projects, the firm was able to achieve their goal of getting some positive attention from the digital currency community. Since the firm seemed to act as if all publicity was a good thing, they’ve continued to release more predictions with a high level of confidence.
Weiss Ratings Twitter Post
According to the post from their official account, Weiss said that: “Bitcoin (BTC) will lose 50 percent share to Ethereum (ETH) within the next five years, as a result of it offering more uses and being backed by superior blockchain technology. Weiss also referred to Bitcoin (BTC) as a one-trick pony.
The boldness of Weiss calling Bitcoin (BTC) a “one-trick pony” is actually surprising. The ‘trick’ the firm is referring to is the fact that they’ve been able to maintain censorship-resistant and decentralized cryptocurrency.
Weiss Ratings Agency Retracts Its Prediction
Once the firm was called out and criticized for the errors their post on Twitter, they went back to Twitter and posted a new tweet, saying “in five years they see Ethereum-like platforms dominating the crypto market, not necessarily Ethereum (ETH). Adding that it is hard to predict which blockchain project would dominate the market, but they believe the flexibility and usefulness of Ethereum (ETH) will be the standard.” The firm concluded by apologizing for not being clear on their earlier post.