Financial rating agency Weiss agrees with the forecast that BTC will reach $ 70,000 next year

Financial rating agency Weiss agrees with the forecast that BTC will reach $ 70,000 next year

The well-known Weiss Crypto Ratings recommends Bitcoin for three reasons and believes in a price of $ 70,000 for next year.

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10 Jul 2020 , 11:01 @ Matey Salt

Financial rating agency Weiss agrees with the forecast that BTC will reach $ 70,000 next year

The well-known Weiss Crypto Ratings recommends Bitcoin for three reasons.

Weiss Ratings, which began operations in 1971 and is the only financial rating agency that provides a combination of five critical advantages for users , sees the following 3 big reasons to buy Bitcoin:

  • QE Infinity

At this point, the company emphasizes the high level of corruption on an industrial scale. The most recent evidence is the Federal Reserve, which has squeezed out new paper money of $ 2.9 trillion in just 13 weeks.

This is what can lead people to Bitcoins, because even with such behavior they will lose confidence in paper money.

  • Institutional

Institutional investment in Bitcoin is becoming a reality. Recently, one of the most famous hedge fund managers, Paul Tudor Jones, invested $ 210 million in Bitcoin. He also joined AH Capital Management, LLC, which raised $ 515 million for its second Crypto fund, we write here.

Weiss also notes that Bitcoin’s market cap (approximately $ 170 billion) is currently only 1 / 218th of the size of the U.S. stock market (approximately $ 37 trillion).

  • Popular Forecast

According to Stock-to-flow analysis (S2F), which focuses broad shape of future prices., Bitcoin could reach $ 70,000 next year.

This method is highly respected in the crypto world and points to a wild rally over the next 12 months.

S2F focuses on the idea of ​​common sense, meaning that the rarer the commodity, the more valuable it is.

One of the basic factors supporting the price increase is BTC’s smaller offer after Halving, which took place in May. We can compare it to gold, for example. Gold has an S2F of 62, meaning that this commodity needs 62 years to match global above-ground holdings.

Silver have S2F 22 and therefore this commodity is less valuable than gold.

After May, Bitcoin creates 6.25 new Bitcoins every 10 minutes, which means that it will take approx 56 years as long as the new mintage will corresponds to the Bitcoin’s circulating supply.

Finally, Weiss recommends that long-term crypto asset investors look for weakness points to enter in market and hold on tight, because the long-term outlook looks really exciting.

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