Veteran trading expert Peter Brandt believes that Bitcoin is the only bet in the crypto scene. Recently, he commented on some altcoins. The analyst qualifies Ethereum and all other crypto assets as scams. Here are the details…
Bitcoin analyst comments on altcoins
Peter Lewis Brandt, a professional currency trader, does not believe in the potential of any other crypto asset other than Bitcoin (BTC). The veteran trader emphasized in a recent tweet that BTC is the only competitor to cross the finish line. He says all other crypto assets, including Ethereum (ETH), are counterfeiters or scammers. Brandt’s bold statement came in response to a recent statement by Cheds, a famous crypto trader.
Bitcoin is the ONLY bet in crypto that will finish the marathon. All others are just wanna bees or scams, including $ETH https://t.co/N6UDDnIiM3
— Peter Brandt (@PeterLBrandt) June 11, 2023
Cheds took to Twitter to claim that Bitcoin is the “safest” bet in crypto. This statement comes after the recent market crash that caused many altcoins to fall. “Bitcoin is the only bet to finish the marathon in crypto. Others, including ETH, are just bees or scammers,” he commented. Peter Brandt believes that Bitcoin is the only promising crypto asset. The leading trader had previously confirmed his confidence in BTC over the long term. However, he has little faith in altcoins despite charting a few of them.
Interestingly, when asked if he thinks Ethereum falls into a scam or wannabe asset category, Brandt likened the asset to silver. To him, Ethereum is to silver what Bitcoin is to gold. Brandt emphasized that while Ethereum has the potential to survive, Bitcoin remains the old token.
Silver is to ETH as Gold is to BTC. ETH will likely survive but BTC is the legacy
— Peter Brandt (@PeterLBrandt) June 12, 2023
Peter Brandt’s era in crypto
Recent comments reflect the long-standing sentiments of traders regarding altcoins. However, his views on Ethereum have improved over the years. Last November, Brandt claimed that 99 percent of all crypto holdings will eventually fall to zero. “Bitcoin is an old coin and it is what will survive,” he said. By June 2022, Brandt had expressed doubts that Ethereum Merge was a game-changing factor. He specifically labeled ETH a “bad cryptocurrency” due to the cumbersome nature of the network and high transaction fees. The trader likened the merge to the rebuilding of the LZ 129 Hindenburg airship.
Moreover, when a crypto advocate asked Brandt for his opinion on XRP, he stressed that he is not interested in an asset that will drop to zero in a decade. However, XRP caught Brandt’s attention in March, leading the trader to analyze the asset earlier. He envisioned a minimum target of $3 for the asset. In particular, Brandt is confident in Bitcoin’s long-term prospects. However, he continued to criticize the excessive enthusiasm displayed by Bitcoin holders. He thinks this practice is a “bad religion”.
