Weiss Cryptocurrency Ratings recently released a compilation of forecasts for 2019. Among other calls, the firm claimed that Bitcoin will continue its dominance as a digital store of value, XRP and Stellar Lumens could break traditional finance, and the top ten cryptocurrencies could get broken up — just like the boy bands of yesteryear.
Weiss Rating’s Crypto Forecasts
When Weiss Ratings forayed into cryptocurrencies in 2018, announcing that it would provide ratings and commentary on this industry, industry participants were initially confused. But, over the course of a year, this arm of Weiss, a leading player in the U.S. financial realm, has garnered traction.
And, most recently, one of its researchers, Juan Villaverde, released a piece titled “Our Crypto Forecasts for 2019 and Beyond,” which painted an optimistic picture for the future of this budding sector.
The piece contained seven forecasts, which Live Coin Watch has sorted, whittled down, and added its own analysis to convey to you, the reader.
Bitcoin To Surmount All-Time Highs As “Veritable Digital Gold”
The Weiss analyst noted that he believes that Bitcoin (BTC), which costs “virtually nothing to store,” will continue to grow as a digital store of value in the near future, especially due to the asset’s portability, security, fungibility, and limited supply cap. In short, Villaverde wrote that BTC is on its way to “becoming a veritable digital gold.”
Lou Kerner, the founding partner at Crypto Oracle, recently stated that he expects for Bitcoin to surmount gold in terms of market capitalization, adding that 100x upside for the flagship cryptocurrency could be in the cards. Over the course of a number of CNBC interviews, Kerner has stated that Bitcoin “is the greatest store of value ever created,” adding that the market is currently undervaluing the world-altering potential that cryptocurrencies have to offer.
Villaverde noted that as Bitcoin continues to gain traction is the virtual coming of gold, and as the fundamentals groundwork continues to get laid, this industry moves closer and closer to another parabolic bull rally, that will push BTC above and beyond $20,000.
Ripple’s XRP & Stellar To Revolutionize Finance
Per our previous reports, Brad Garlinghouse, CEO of the San Francisco-headquartered Ripple, stated to Bloomberg that his firm’s day-to-day going-ons accentuate the fact that they may eventually “take over SWIFT.” This isn’t a baseless claim, however, as Garlinghouse, a Harvard graduate and Yahoo and AOL alumni, then explained that Ripple has already signed up “hundreds of banks” to use the startup’s ledger technology-enabled ecosystems.
The Weiss report agreed with this sentiment, noting that Ripple and Stellar (XLM), two projects that spawned off one man, have the potential to “disrupt financial markets, remittances, wire transfers, and so much more” over time.
“Bitcoin Me-Too Coins Will Fade Away”
Villaverde also explained that eventually, coins imitating Bitcoin, like Bitcoin ABC (Cash), SV, and even Litecoin will bite the dust. The analyst noted that there are no innovative use cases for these cryptocurrencies, so they’re likely to fade away over time.