Veteran trader Peter Brandt has issued one of his most sweeping and pessimistic warnings yet on the future of altcoins. He sees them as collateral damage in what he sees as the early stages of a broader monetary reset.
Brandt argued that the erosion of trust in government-issued money is already underway. In his view, this process will not benefit all digital assets equally (or at all).
"...the destruction of fiat has begun. Gold will return to the world’s most dependable store of wealth. USD denominated assets will lose value to physical commodities — which, BTW, may or may not include Bitcoin. Altcoins will become more worthless than USDs," Brandt said.
The problem with digital gold
At the same time, Brandt argues that Bitcoin has already surpassed gold as a store of value
The popular chartist claims that digital gold can simply be reproduced by the next improved digital gold.
A unique phenomenon
Recently, Brandt reiterated that Bitcoin is an unprecedented market phenomenon.
Throughout Bitcoin’s roughly 15‑year history, as Brandt said, there has never been anything like it, and there may never be anything like it again.
Brandt expanded on this by pointing to Bitcoin’s repeating cycle of explosive growth followed by deep drawdowns.
Over the past decade and a half, Bitcoin has experienced five major “parabolic advances” when plotted on a logarithmic scale, and each has been followed by declines of at least 80 % from peak.
In his interpretation, that pattern is still in play, and the current cycle has not yet completed its downward phase.
U.Today Editorial Team
Dan Burgin
