June 12, 2023 6:30 AM | 2 min read
Peter Brandt, a well-known trader and analyst, has claimed that Bitcoin (CRYPTO: BTC) is the only safe bet in the crypto market.
What Happened: In a tweet to his 696,800 followers, Brandt said, “Bitcoin is the only bet in crypto that will finish the marathon. All others are just wannabees or scams, including ETH.”
His statement was in response to a recent remark made by Cheds, a crypto trader, who had asserted that Bitcoin was the “safest” bet in the crypto market.
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Brandt has been a vocal supporter of Bitcoin for the long term and has previously stated his conviction that Bitcoin will outlast other coins.
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He has not expressed the same confidence in altcoins, and has instead likened them to scams.
When asked about Ethereum (CRYPTO: ETH), he likened it to silver, stating that Ethereum is to silver as Bitcoin is to gold. In other words, while Ethereum has the potential to “survive”, Bitcoin remains the “legacy” crypto.
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Why It Matters: Brandt has always been critical of Ethereum. In November of 2022, he had declared that 99% of all crypto assets would eventually collapse to zero.
At the time, he had stated that, “Bitcoin is the legacy coin and the one that will survive.”
Brandt is a prominent trader and analyst with extensive experience in commodities trading and technical analysis. He is the founder and CEO of Factor LLC, a proprietary trading firm, and a co-author of “Diary of a Professional Commodity Trader: Lessons from 21 Weeks of Real Trading”.
Price Action: At the time of writing, BTC was trading at $25,840, up 0.14%. ETH at $1,738.40, down 0.93% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Woes: Analyst Names Two Altcoins With ‘Narrative’ To Beat Market Downturn
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