The veteran trader who nailed Bitcoin’s 2018 bear market collapse says Bitcoin (BTC) serves a wholly different purpose than what’s advertised.
Peter Brandt tells his 663,000 followers that even though he’s a long-term BTC bull, he believes Bitcoin is purely a speculative play rather than an investment due to the number of crashes it’s seen in the last 12 years.
Brandt also says he doesn’t consider BTC as a hedge against inflation or a store of value but notes it likely has a massive upside in the long run due to its limited supply, high security, acceptance rate and transferability.
“Bitcoin is NOT a hedge against inflation nor is it a store of value. It is pure speculation – but a really great reward to risk speculation at that…
[BTC is] Pure speculation, but likely to be outstanding over the long term because:
1. People accept it
2. Hack proof (for now)
4. Limited supply.”
The veteran strategist then says that while BTC is currently unrivaled in terms of the features it offers, it could one day be usurped.
“Nothing better than BTC for the features it has. But are we really willing to assume that nothing similar/better will ever be invented? Is BTC the pinnacle of man’s genius?”
A poll conducted by Brandt reveals that about 54% of the 9,247 respondents believe BTC has yet to bottom out.
Bitcoin is changing hands for $21,196 at time of writing, a 3.5% increase on the day.