The veteran dealer who nailed Bitcoin’s 2018 bear market collapse says Bitcoin (BTC) serves a completely completely different function than what’s marketed.
Peter Brandt tells his 663,000 followers that though he’s a long-term BTC bull, he believes Bitcoin is only a speculative play moderately 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 towards inflation or a retailer of worth however notes it probably has a large upside in the long term on account of its restricted provide, excessive safety, acceptance price and transferability.
“Bitcoin is NOT a hedge towards inflation neither is it a retailer of worth. It’s pure hypothesis – however a extremely nice reward to danger hypothesis at that…
[BTC is] Pure hypothesis, however prone to be excellent over the long run as a result of:
1. Folks settle for it
2. Hack proof (for now)
4. Restricted provide.”
The veteran strategist then says that whereas BTC is presently unrivaled by way of the options it gives, it may at some point 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 carried out 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% improve on the day.
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