Exchanges and banks are alike in the usage of leverages. Weiss appears to be saying that people should have the right to own private keys.
Weiss believes that there are more than 21 million Bitcoins circulating across the globe.
On May 25, Weiss made another controversial post saying that major exchanges have a high leverage that make it look like there may be more than 21 million bitcoins for use.
“Statements like this can only come from Weiss”, some people argue. That means Weiss’s theory is yet to gain wide acceptance.
Just like banks leverage fiat currencies, crypto exchanges also leverage their crypto assets.
Weiss doesn’t seem to like what the exchanges are doing about leveraging crypto assets. The big names in the exchange industry are still the people’s choice even though several other exchanges have come on board. Weiss believes this has remained so because these exchanges have made crypto users believe that they should be the only ones to be trusted.
The total number of Bitcoins that have been mined is currently at 18.3 million although not all of them are in the hands of crypto users. It is said that around 4 million cannot be accounted for.
Weiss is not happy about Bitcoin’s market performance. Says it is a “C-“if graded.
Bitcoin prices have been in the lowest since 2018. Part of the reason for this is that some users became skeptical of keeping the asset with a third party.
Despite the Proof of Keys event holding twice this year, exchange reserves have not changed much in their activities.
Weiss, sometimes, gets so much criticism for his cryptocurrency ratings especially when it gives some altcoins preference over Bitcoins.
Many people will not agree that altcoins should be placed above Bitcoin because they think that at present, there is yet to be a major competitor against Bitcoin. If that should happen, there will be a drift from Bitcoin to that currency.
At the moment, Bitcoin is still the largest cryptocurrency with an A- performance. The major challenge it is facing right now is its low market performance which has been given a C- grade by Weiss.