Peter Brandt, who has been in commodity trading since the 70s, has taken to Twitter to tell off "cryptomaniacs" for being too greedy in their expectations of Bitcoin.
He believes that even if BTC can hit $50,000 (it already has), $100,000 or even $1 million, "the greed of cryptomaniacs will eventually be their demise."
"The higher Bitcoin goes the greedier they will become"
Trading legend Peter Brandt has admitted that he owns Bitcoin (having dumped his holdings and then bought again since 2016) and understands why the community views Bitcoin as a breakthrough investment.
However, he has slammed the greed of Bitcoiners (he referred to them as "cryptomaniacs" and "cryptocultists") which has, in theory, reached an eye-popping $1 million.
Bitcoin has already crossed the $50,000 level this year. Even if it goes up to $100,000 and then further up to $1 million per coin, they still want a higher price, assumed Brandt in his tweet.
Whether it be from $50,000, $100,000 or $1 million, the greed of #cryptomaniacs will eventually be their demise.
Also, the higher it goes the greedier they will become.
"Bitcoin does not owe anything to anybody"
Peter Brandt also tweeted that he understands the idea of the community seeing Bitcoin as a breakthrough product for investment.
However, even being a Bitcoin holder and trader himself, Brandt seems to doubt that BTC has anything to offer to society that is better than the current monetary fiat system.
Still, "cryptocultists" believe the opposite is true, the trader continues, "as if Bitcoin owes them."
Brandt is not keen on XRP
As reported by U.Today recently, Peter Brandt slammed XRP, joining the SEC's side against Ripple and the token affiliated with it.
He tweeted that XRP is an OTC security issued by Ripple Labs. In the past, he also referred to the seventh-largest cryptocurrency as a manipulated scam.