Trader Who Called Bitcoin’s 2018 Collapse Warns BTC of ‘Exceptional’ Speculative Asset That Could Be Spoofed

The veteran trader who nailed the Bitcoin bear market crash of 2018 says that Bitcoin (BTC) serves a totally different purpose than advertised.

Peter Brandt tells his 663,000 followers that while he is a long-term BTC bull, he believes Bitcoin is purely speculative play rather than an investment due to the number of crashes he has seen over the past 12 last years.

Brandt also says he doesn’t consider BTC as an inflation hedge or store of value, but notes that it likely has massive long-term upside due to its limited supply, high security, acceptance rate, and transferability.

“Bitcoin is NOT an inflation hedge or a store of value. It’s pure speculation – but a very nice reward for risking speculation on it…

[BTC is] Pure speculation, but likely to be exceptional in the long term because:

1. People accept it

2. Hack proof (for now)

3. Transferable

4. Limited supply.

The veteran strategist then says that while BTC is currently without equal in terms of the features it offers, it could one day be usurped.

“Nothing beats BTC for the features it has. But are we really willing to assume that nothing like/better will ever be invented? Is BTC the pinnacle of human genius?”

A survey conducted by Brandt reveals that around 54% of 9,247 respondents believe that BTC has not yet bottomed out.

Bitcoin is changing hands for $21,196 at the time of writing, a 3.5% increase on the day.

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