The veteran trader, who correctly predicted the 2018 bear market crash of the Bitcoin price, says that BTC serves a completely different purpose than advertised.
Peter Brandt said that despite being a long-term Bitcoin bull, he believes Bitcoin is a purely speculative game rather than an investment due to the number of crashes it has seen over the past 12 years. Brandt’s description Twitter account made over.
Brandt also added that he does not see BTC as a hedge against inflation or a store of value, but that it has great bullish potential in the long run due to its limited supply, high security, acceptance rate and transferability.
“Bitcoin is NOT a hedge against inflation or a store of value. That’s pure speculation – but really great risk-return speculation on this one…
Bitcoin is pure speculation, but it’s likely to be extraordinary in the long run because:
1. People accept it
2. Hack resistant (for now)
3. Transferable
4. It has limited supply.”
The senior strategist later said that while BTC is currently unrivaled in terms of the features it offers, this lead may one day come to an end.
“There is nothing better than BTC for the features it has. But are we really willing to assume that something similar/better will never be invented? Is Bitcoin the pinnacle of human genius?”
Most recently, a survey conducted by Brandt reveals that around 54% of 9,247 respondents believe that the Bitcoin price has not bottomed yet.
Quick poll — open until 18:30 Eastern
Has Bitcoin $BTC bottomed out
— Peter Brandt (@PeterLBrandt) June 23, 2022
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.