Veteran trader Peter Brandt recently branded BTC as a legacy coin that will ultimately outlast and outperform all “make-believe cryptos wannabees.” Some non-bitcoin maximalists have said the veteran trader’s remarks about bitcoin are misguided and called on him to remain flexible.
Maximalist Ideology
Veteran trader Peter Brandt recently riled altcoiners after he suggested that bitcoin will outperform and outlast what he described as “make-believe cryptos wannabees.” Brandt made the remarks after Mike Cautillo — a private investor at e-Holdings — concurred with his earlier tweet about BTC’s impending “decisive breakout.”
$Bitcoin $BTC is the legacy coin and will outlast and out-value all of the make-believe cryptos wannabees https://t.co/uzeuKua1qk
— Peter Brandt (@PeterLBrandt) June 19, 2023
Matthew Casterns, one of the Twitter users that responded to Brandt’s remarks, said he did not understand the reasoning behind the veteran trader’s assertions. Casterns argued that proclaiming BTC “will forever out-value everything” is misguided. He also urged Brandt to stay flexible.
Another Twitter user, Allicnac, reminded Brandt about the Bitcoin network’s high transaction fees and long confirmation times and how these make the facilitation of efficient transactions impossible. The user ended the tweet by telling Brandt not to be “fooled by maximalist ideology.”
However, in his subsequent tweets on the same subject, Brandt, who has previously clashed with the bitcoin “laser eye” movement, appeared to reaffirm his belief in BTC. In one of these tweets, the veteran trader shared a chart which seemingly points to a possible bull run.
The burden of proof is increasing upon the bears in Bitcoin $BTC
The retesting of the underlying H&S has been well supported
and a possible falling wedge is being completed on daily line chart pic.twitter.com/fLnh31PkLA— Peter Brandt (@PeterLBrandt) June 20, 2023
“The burden of proof is increasing upon the bears in Bitcoin $BTC. The retesting of the underlying H&S has been well supported and a possible falling wedge is being completed on [the] daily line chart,” Brandt explained.
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