Peter Brandt is one of the most important individuals in the crypto landscape. A popular saying in the crypto community is that ‘when Brandt speaks, everyone listens. ’ Therefore, when Brandt said, “Ethereum is a worthless trash”, everyone heard it clearly.
Brandt has close to 700,000 followers. He has built a reputation backed by years of technical analysis and market participation, which is understandable because his words are revered in the community. Therefore, Brandt calling out ETH is not a good sign for investors.
The Reason Behind Animosity
Brandt commented on a post in X in which Brandt openly lambasted ETH. However, Brandt did not elaborate on this statement. Therefore, it could be a deeply personal opinion or something bigger.
Either way, ETH investors are showing concern regarding the statement. One industry insider has pointed out that Brandt has always been iffy about altcoins. He has openly questioned the integrity of these coins and maintained that they can pull the rug under you instantly. Hence, investors must be wary of them.
Brandt did not list any concrete reason for such a statement/. However, he has talked about his vendetta towards altcoins. Here is what the analyst believes.
- Altcoins come with structural complexity, which makes them complex.
- During congestive spikes, investors must pay a high transaction fee, gas fee, and other similar fees.
- Ambiguous contracts between platforms.
- Loss of credibility due to unfulfilled promises made by developers.
ETH is already at a stagnant stage. Therefore, Brandt’s statement could trigger a huge market reaction. Even though investor confidence seems strong, new users might abandon ship to save themselves.
