Trading Legend Peter Brandt Has Gloomy Message for Bitcoin-Friendly Generations

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Thu, 05/14/2020 - 17:52
Alex Dovbnya
Bitcoin-friendly millennials and Gen Z will still have to pay off the U.S. debt, according to chartist Peter Brandt
Cover image via twitter.com
Contents

Millennials and Gen Z are known as the most Bitcoin-friendly generations, which paints a bright future for the world’s leading cryptocurrency.

Still, trading legend Peter Brandt believes that their penchant for Bitcoin won’t save these generations from the shortcomings of the broken financial system.

In his new tweet, the veteran trader says that younger people will still have to pay off government bailouts.  

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Out of control

In early May, the U.S. national debt surpassed the scary $25 trln milestone without showing any signs of slowing down.

This ballooning figure underscores the government’s effort to keep the economy afloat with enormous economic stimulus.  

Brandt believes that this should be a wake-up call for younger generations while wondering why there is no outrage.

A major bull case

As reported by U.Today, Brandt claimed that he believed in Bitcoin’s long-term narrative. However, he still has reservations about the cryptocurrency since he wouldn’t be able that it would be able to thrive off the ruined financial system.

Back in December, Grayscale's managing director Michael Sonnenshein opined that Bitcoin could get a major boost due to the generational wealth transfer.

Close to $68 trln of wealth held by elderly Americans is expected to be passed down to millennials over the next 25 years.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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