Peter Brandt, a veteran trader, says that the purpose of Bitcoin is not what is advertised but a different one. Brandt is known for an accurate prediction he made about the crypto market in December 2017.
Addressing his 663,000 followers, Brandt says that according to him Bitcoin is not an investment but rather a speculative play because of the several crashes it went through since its inception.
In addition, Brandt says that believes BTC is not a store of value or hedge against inflation, however, he predicts a long bull run for the top coin given its limited supply, acceptance rate, transferability, and high security. Further, the veteran trader says that “It is pure speculation – but a really great reward to risk speculation at that…”
Brandt then goes on to list the reasons why it is a “pure speculation,” and has the potential to grow exponentially in the future:
1. Limited Supply
2. Hack proof (for now)
3. Transferable
4. Acceptance among people
Furthermore, the veteran trader says that although Bitcoin is unbeatable in terms of features, it runs the risk of being usurped. He added, “But are we really willing to assume that nothing similar/better will ever be invented? Is BTC the pinnacle of man’s genius?”
Brandt even conducted a poll whose result shows that around 54% of the 9,247 respondents are of the opinion that Bitcoin is yet to bottom out.
The dramatic meltdown of the Terra ecosystem in May triggered a bearish trend in the crypto market. Ignited by other factors, the crypto industry went through one of its rough patches and is yet to recover from it. Bitcoin and Ethereum, the top cryptocurrencies, experienced sharp drops in their prices. At one point, Bitcoin even lost its support of $18,000, and the top altcoin Ethereum went below the mark of $1,000. Though both the assets bounded quickly.
At the time of writing, the world’s leading cryptocurrency by market cap was trading at $21,258.20, up 0.67% in the last 24 hours. The top altcoin was trading at $1,221.86.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/06/27/veteran-trader-peter-brandt-says-bitcoin-can-be-usurped-in-future/