Will Bitcoin (BTC) Do Moon Shot Due to Money Printing? Peter Brandt Shares His Take

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Mon, 04/13/2020 - 06:00
Alex Dovbnya
There is no guarantee that Bitcoin could thrive off the failing financial system, according to Peter Brandt
Will Bitcoin (BTC) Do Moon Shot Due to Money Printing? Peter Brandt Shares His Take
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Peter Brandt thinks that Bitcoin will not necessarily thrive off the crumbling financial system, according to the new tweet shared by the trading guru.

With that being said, he does believe in the long-term narrative that is propagated by cryptocurrency evangelists.

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Bitcoin's turning point 

Central banks offering unlimited liquidity to save the moribund global economy is supposed to be the perfect environment for Bitcoin. Yet, the world's largest cryptocurrency has so far failed to respond to the 'Japanification' of the western monetary system.

The 'digital gold' is struggling to decouple from U.S. stocks after the correlation between the two asset classes recently reached an unprecedented high level.       

Yet, Mike Novogratz believes that this 'money growing on trees' will make 2020 the year of Bitcoin. Meanwhile, Cameron Winklevoss recently tweeted that the coronavirus crisis would be the inflection point for the crypto industry. 

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No middle ground 

Brandt is known for making quite extreme price predictions. Back in December, he laid out a major bullish scenario for Bitcoin when the leading cryptocurrency could reach $100,000 in 2020.  

After the market went belly-up in March, the chartist drastically changed his bias, suggesting that BTC could ultimately go to zero.   

As reported by U.Today, Silk Road founder Ross Ulbricht also claimed that the 'Black Thursday' drop invalidated his $100,000, which is why he now forecasts much lower prices. 

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.