November 29, 2018
For Immediate Release
Contact: Joy Howell
Why This Time is Different
Palm Beach Gardens, FL– Statement by Martin Weiss, Founder of Weiss Ratings, on the recent plunge of bitcoin, decline in the cryptocurrency market, and why this time is different:
“Since Bitcoin began trading actively, it has plunged by 70% or more on four separate occasions. Each time, people wrote its obituary. And each time, Bitcoin rose from the dead, rising by an average of 6,300% from low to peak. Now, Bitcoin has declined by more than 70% again, setting the stage for another major price rise likely to begin in 2019.
“However, there is one important difference this time: Bitcoin has not kept up with the latest advances in the Distributed Ledger Technology (DLT) that underlies cryptocurrencies. It will continue to play an important role, but primarily as a store-of-value commodity akin to gold. In its place, a select group of faster, more scalable cryptocurrencies will lead the way both in terms of price appreciation and innovation.”