Renowned trader Peter Brandt recently caused a stir among the cryptocurrency community with his firm belief that Bitcoin (BTC) is the only crypto asset worth considering, while dismissing Ethereum (ETH) and other digital currencies as mere imitators or frauds.
Brandt, an experienced forex trader with a wealth of experience, boldly stated on Twitter that Bitcoin is the only contender for victory in the marathon of the crypto industry. He believes that all other digital assets, including Ethereum, have no potential for long-term success and should be treated with caution.
The trader’s statement was triggered by a remark from Cheds, a well-known crypto trader, who claimed that Bitcoin continues to be the “safest” bet in the volatile crypto landscape. Cheds’ assertion came in the wake of a recent market crash that led to a significant drop in the value of many altcoins.
Brandt’s position on Bitcoin as the only reliable crypto asset has remained consistent over time. He has often expressed his skepticism about the potential of most altcoins, claiming that most of them will eventually fall to zero. In his view, Bitcoin is the legacy coin that will stand the test of time.
“Bitcoin is the ONLY crypto bet that will finish the marathon. All others are wannabes or frauds, 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, positioning Ethereum as silver while Bitcoin is equivalent to gold.
“Silver is to ETH what gold is to BTC. ETH is likely to survive, but BTC is the legacy,” the trader said.
While acknowledging Ethereum, Brandt emphasized that Bitcoin continues to be the leading digital currency and the benchmark against which others should measure themselves to secure Bitcoin’s survival potential.
Brandt’s stance on altcoins, including Ethereum, dates back to June 2022, when he criticized the Ethereum Merge, calling it a “piece of crap crypto” due to the network’s inefficiency and high transaction fees. He even went so far as to compare the Merge to a replica of the ill-fated LZ 129 Hindenburg airship.
Despite his skepticism, Brandt offered an analysis on XRP earlier this year, predicting a minimum target of $3 for the asset. However, in general, he has little interest in assets that he believes will ultimately sink to zero.
While Brandt remains confident in Bitcoin’s long-term prospects, he continues to warn against the excessive enthusiasm and passion of some Bitcoin holders, describing it as a “bad religion” that can cloud judgment.
In summary, Peter Brandt’s unwavering belief in Bitcoin as the only reliable crypto asset and his rejection of others as frauds or imitators reflect his extensive experience and expertise in the trading world.