Noted trader Peter Brandt has raised eyebrows regarding the future of HEX, a once-popular cryptocurrency. Tweeting about the currency, Brandt said, "History may prove me wrong about $HEX... For now, I think the jury is out."
This statement follows a series of negative headlines around HEX, particularly after its founder Richard Heart was charged by the Securities and Exchange Commission (SEC) with securities fraud.
Earlier this month, the SEC lodged a complaint against Richard Heart, also known as Richard J. Schueler, alleging the unregistered sale of crypto asset securities amounting to over $1 billion.
The SEC further claims that Heart misappropriated investor funds, using them for personal luxury items, including a 555-carat diamond and high-end vehicles.
HEX witnessed a significant plunge in its price amidst these allegations. It's worth noting that HEX is currently trading at $0.0053, a sharp fall from its all-time high of $0.510830 nearly two years ago.
Brandt's skepticism wasn't limited to HEX or other altcoins. Responding to a user's query on gold, Brandt suggested that a "major bull market is in the making" for the precious metal, but also indicated that its price could see a further drop before stabilizing.
His comments, however, weren't free from criticism. One user labeled him a "broken-record failure," hinting at the unpredictable nature of financial markets and the challenges even seasoned traders face in predicting their movements.
That said, Brandt is not shying away from admitting his past mistakes. "I've been major league wrong before and actually find no shame in being wrong," Brandt said.