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.

Check Price Action

Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl Mix

 

Check the latest news headlines

 

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Design Projects/Sensvector

Previous Leeds United conclude negotiations to sell Elia Caprile to Bari
Next Machine NFT: Revenue Security in the Age of Automation