Peter Brandt Says Except Bitcoin All Other Crypto Assets Including Ethereum Are Scams

Experienced trading expert Peter Brandt believes Bitcoin is the only bet in the crypto scene, and labels Ethereum and all other crypto assets scams.

Peter Lewis Brandt, a professional foreign exchange trader, does not believe in the potential of any other crypto asset besides Bitcoin (BTC). In a recent tweet, the veteran trader highlighted BTC as the sole contender to cross the finish line. He says all other digital assets, including Ethereum (ETH), are imitators or scams.

Brandt’s bold statement came in response to a recent remark by Cheds, a renowned crypto trader. Cheds took to Twitter to assert that Bitcoin is the “safest” bet in crypto. The declaration came after the recent market collapse, which sent several altcoins tumbling.

“Bitcoin is the ONLY bet in crypto that will finish the marathon. All others are just wanna bees or scams, including ETH,” Brandt commented.

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

Peter Brandt believes Bitcoin is the only crypto asset with a promising future. The prominent trader had previously affirmed his confidence in BTC for the long term. However, his faith in altcoins is little despite charting a few of them.

Interestingly, when asked if he thinks Ethereum falls in the category of a scam or wannabe asset, Brandt likened the asset to silver. According to him, Ethereum is to silver as Bitcoin is to gold. Brandt stressed that while Ethereum has the potential to survive, Bitcoin remains the legacy 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 Position in Crypto

The latest comments echo the trader’s long-standing sentiments concerning altcoins. Nonetheless, his view of Ethereum has improved over the years. Last November, Brandt asserted that 99% of all crypto assets would eventually collapse to zero. “Bitcoin is the legacy coin and the one that will survive,” he noted.

As far back as June 2022, Brandt expressed his skepticism of the Ethereum Merge as a game-changing factor. He specifically labeled ETH “a piece of cr*p crypto” due to the network’s cumbersome nature and high transaction fees. The trader likened the Merge to a rebuild of the LZ 129 Hindenburg airship. 

Moreover, when a crypto proponent requested Brandt’s opinion on XRP, he stressed that he has no interest in an asset that will eventually drop to zero in a decade. However, XRP caught Brandt’s attention in March, leading the trader to analyze the asset, as previously reported by The Crypto Basic. He forecasted a $3 minimum target for the asset.

Notably, Brandt is confident in Bitcoin’s long-term prospects. However, he has continued to criticize the extreme enthusiasm and fervor displayed by Bitcoin holders. He thinks this practice is a “bad religion.”