Bitcoin May Hit $100,000 or $1 Million But It Does Not Owe Anything to Cryptomaniacs: Peter Brandt

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Wed, 03/03/2021 - 09:03
Yuri Molchan
Savvy old-school trader Peter Brandt believes that the greed of “cryptomaniacs” will eventually be their demise, even if Bitcoin hits $100,000 or $1 million
Cover image via twitter.com
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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."

Image via Twitter

"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.

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"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."

Image via Twitter

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.

About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.


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