Veteran trader and author Peter Brandt made a bold claim on Twitter about the future of Bitcoin and other cryptocurrencies.
"All Altcoins Including Ethereum Imitation Or Fraud"
He said that Bitcoin is the only asset in the world of cryptocurrencies to emerge victorious from the marathon, and called all other cryptocurrencies, including Ethereum, "fake or fraudulent".
Trader since 1975 and featured in the Market Wizard series, Brandt is known for his classic chart analysis and extensive commentary on Twitter. He has over 696,000 followers and frequently shares his views on Bitcoin and other markets.
Brandt suggested in his tweet that Bitcoin has a long-term advantage over other cryptocurrencies, implying that most of them will not survive in the long run. He also described Ethereum, the second largest crypto by market capitalization, as a scam.
Brandt has previously expressed skepticism about Ethereum and other altcoins and has often praised Bitcoin for its rarity, security, and network impact. He also predicted that based on a classic chart model, Bitcoin could reach $100,000 by 2024.
*Not investment advice.