When it comes to commenting on cryptocurrency, perhaps only a few people are allowed to not hold back on something without causing a public dispute. One of those people is definitely Peter Brandt, an expert trader who is considered a legend of the financial market, as he has been operating in it since the 1970s.
It just so happens that after almost 50 years of trading and probably seeing everything in the financial world – crashes, hype, crises, scams, Ponzi schemes, the creation of giants such as Apple and Nvidia – Brandt’s opinion definitely carries colossal weight.
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It just so happens that Peter Brandt hates Ethereum (ETH) – a major alternative cryptocurrency on the market.
The reasons? As the trader himself explained back in November last year, Ethereum’s complexity and cost of use is “world-class terrible,” and this makes ETH a completely broken utility token.
Today, he doubled down on this statement and responded to a post describing gas problems within the Ethereum ecosystem by simply saying that ETH is worthless junk.
That is quite a way to express an opinion about a $200 billion asset in two words. How this statement will play out remains an open question, but sentiment toward the largest altcoin is as divided as it has ever been, let’s face it.
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With the price of Ethereum standing where it was in October 2023, and a shakeup in the founding organizations, it seems like a real stress test for the cryptocurrency.
On one side, you have holders who are not happy with the price barely moving, then you have a large portion of crypto enthusiasts who are furious with the technology, and then you have believers who are sticking with Ethereum no matter what.
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Will the altcoin survive this crisis? That is the main question and battle test right now.