Veteran trader Peter Brandt is bearish on Ethereum, criticizing its rising gas prices and complex L2 terrain.
Legendary trader Peter Brandt calls #binance an "unwanted coin".
Legendary trader Peter Brandt calls Ethereum an "unwanted coin.
Ethereum, commonly referred to as the "king of smart contracts," has become a force to be reckoned with in the cryptocurrency market since its launch in 2015. Acting as the leading platform for hosting decentralized applications (dApps) and smart contracts, Ethereum continues to serve as the foundation for many innovative projects and protocols.
Despite the influence of #cryptocurrencies , Brandt argues that Ethereum as a store of value is a "junk coin. " Brandt argues that #binance as a store of value is best suited to rival #bitcoin . Simply put, the store-of-value nature of cryptocurrencies means that their value is preserved over time. In short, good cryptocurrencies should be rare and verifiable.
Notably, in recent comments by Katie Wood, CEO of Arc Invest, she stated that bitcoin is rapidly displacing gold as a store of value. In her view, this means that people are increasingly turning to bitcoin (rather than Ethereum) for long-term investments.
Another flaw cited by Ms. Brandt to support her view that ETH is an "unnecessary coin" has to do with the cryptocurrency's functionality. The legendary trader emphasized that ETH is difficult to integrate into second-tier solutions due to exorbitant gas prices. Despite the pessimistic comments, Brandt noted that ETH will always attract investors.
I'm tired of saying it already, but ETH is an unimportant coin, despite its mindless devotion to Efirium.
Brandt's comments were echoed by much of the online community, but it remains unclear whether he has made any recent L2 transactions. This is because several reports have emphasized that the recent Ethereum Dencun update has helped lower the stakes for the L2 protocol.
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