Legendary trader Peter Brandt has unleashed a torrent of criticism aimed exclusively at Ethereum , calling it a “junk coin” in a harsh assessment of the popular alternative cryptocurrency. Brandt, known for his knowledge of financial markets, was silent as he criticized Ethereum, dismissing it as a futile challenge to Bitcoin's dominance.
Brandt's lack of respect for Ethereum was evident in a recent social media post where he was dismissive of its status, stating that it lacks the fundamental qualities necessary for its long-term viability. He pointed out its alleged shortcomings as a store of value and criticized its functionality, citing difficulties with Layer 2 solutions and exorbitant gas fees.
To back up his claims, Brandt referred to the Ethereum/Bitcoin price chart, highlighting the steady decline of Ethereum against Bitcoin since late 2021. According to Brandt's analysis, ETH's recent drop to a critical support level of 0 .05 BTC per altcoin indicates further weakness compared to BTC.
I get tired of saying it, but $ETH is a garbage coin despite the mindless devotion of the Etheridiots.
As a store of value it's garbage: a $BTC suitor
Its functionality is also rubbish - it's hard to deal with L2 and outrageous gas rates.
Of course, it will always attract "investors" pic.twitter.com/7KAYMiwsnf— Peter Brandt (@PeterLBrandt) April 4, 2024
This is not the first time Brandt has expressed skepticism towards Ethereum. In January, he publicly announced a short position in the altcoin when it was trading at $2,265, citing weak price action. Despite Ethereum's subsequent price surge, Brandt admitted a month later that the trade did not go as planned.
Brandt's criticism of Ethereum reflects his broader conviction that Bitcoin reigns supreme in the cryptocurrency market. He previously stated his belief that anything other than Bitcoin is "garbage," emphasizing the leading cryptocurrency's role as a primary store of value with significant appreciation potential.
