The veteran trader who allowed the 2018 Bitcoin bear market crash says that Bitcoin (BTC) serves a very different purpose than what was announced.
Peter Brandt tells his 663,000 followers that although he’s a member long-term BTC Bull, believes that Bitcoin is purely a speculative game and not an investment given the number of crashes seen in the last 12 years.
Brandt also says he doesn’t I recommend BTC as a hedge against inflation or as a store of value but notes that it is likely to have a massive upside in the long run due to limited supply, high security, acceptance rate and transferability.
“Bitcoin is neither a hedge against inflation nor a store of value. It is just speculation – but it is a really great reward for taking the risk on it…
[BTC is] Pure speculation, but likely to be on hold in the long run for the following reasons:
1. People accept it
2. Hack Proof (for now)
4. Limited Offer.”
Then the veteran strategist says that while BTC is currently matchless In terms of the features it offers, it might one day be usurped.
“Nothing is 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 vote Conducted by Brandt reveals that about 54% of 9,247 participants believe that BTC has not reached its lowest level yet.
Bitcoin Hands are changed for $21,196 at the time of writing, up 3.5% from today.
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
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