The veteran dealer who nailed Bitcoin’s 2018 bear market collapse says Bitcoin (BTC) serves an entirely totally different goal than what’s marketed.
Peter Brandt tells his 663,000 followers that although he’s a long-term BTC bull, he believes Bitcoin is solely a speculative play somewhat than an funding as a result of variety of crashes it’s seen within the final 12 years.
Brandt additionally says he doesn’t consider BTC as a hedge in opposition to inflation or a retailer of worth however notes it possible has a large upside in the long term on account of its restricted provide, excessive safety, acceptance charge and transferability.
“Bitcoin is NOT a hedge in opposition to inflation neither is it a retailer of worth. It’s pure hypothesis – however a very nice reward to danger hypothesis at that…
[BTC is] Pure hypothesis, however more likely to be excellent over the long run as a result of:
1. Individuals settle for it
2. Hack proof (for now)
3. Transferable
4. Restricted provide.”
The veteran strategist then says that whereas BTC is at present unrivaled when it comes to the options it provides, it might sooner or later be usurped.
“Nothing higher than BTC for the options it has. However are we actually keen to imagine that nothing related/higher will ever be invented? Is BTC the top of man’s genius?”
A poll performed by Brandt reveals that about 54% of the 9,247 respondents imagine BTC has but to backside out.
Bitcoin is altering arms for $21,196 at time of writing, a 3.5% enhance on the day.
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