Renowned trading professional Peter Brandt recently made waves in the cryptocurrency community with his firm belief that Bitcoin (BTC) is the only crypto asset worth considering, dismissing Ethereum (ETH) and other digital currencies as mere imitators or scams.
Brandt, a seasoned foreign exchange trader with a wealth of experience, boldly stated on Twitter that Bitcoin stands as the sole contender to emerge victorious in the marathon of the crypto industry. According to him, all other digital assets, including Ethereum, lack the potential for long-term success and should be regarded with caution.
The trader’s remark was triggered by a statement from Cheds, a prominent crypto trader, who asserted that Bitcoin remains the “safest” bet in the volatile crypto landscape. Cheds’ assertion came in the wake of a recent market collapse that caused a significant decline in the value of many altcoins.
Bitcoin Is The Only Reliable Option In Crypto
Brandt’s position on Bitcoin as the only reliable crypto asset has been consistent over time. He has often expressed skepticism about the potential of most altcoins, maintaining that the majority of them will eventually collapse to zero. In his view, Bitcoin is the legacy coin that will stand the test of time.
“Bitcoin is the ONLY bet in crypto that will finish the marathon. All others are just wanna bees or scams, including ETH,” Brandt emphasized, showing his unwavering confidence in Bitcoin’s long-term prospects.
Interestingly, when asked about Ethereum, Brandt drew a comparison to precious metals, likening Ethereum to silver while positioning Bitcoin as the equivalent of gold.
“Silver is to ETH as Gold is to BTC. ETH will likely survive but BTC is the legacy,” the trader said.
While he acknowledged Ethereum’s survival potential, Brandt emphasized that Bitcoin remains the leading digital currency and the standard against which others should be measured.
BTC price falls below $26,000 | Source: BTCUSD on TradingView.com
Brandt’s stance on altcoins, including Ethereum, extends back to June 2022 when he criticized the Ethereum Merge, describing it as a “piece of cr*p crypto” due to the network’s inefficiencies and high transaction fees. He went so far as to compare the Merge to a rebuild of the ill-fated LZ 129 Hindenburg airship.
Despite his skepticism, Brandt did offer analysis on XRP earlier this year, projecting a minimum target of $3 for the asset. However, he generally maintains little interest in assets that he believes will ultimately plummet to zero.
While Brandt remains confident in Bitcoin’s long-term prospects, he continues to caution against the excessive enthusiasm and fervor displayed by some Bitcoin holders, referring to it as a “bad religion” that can cloud judgment.
In conclusion, Peter Brandt’s unwavering belief in Bitcoin as the only reliable crypto asset and his dismissal of others as scams or imitators reflect his extensive experience and expertise in the trading world.
Featured image from iStock, chart from TradingView.com