Renowned market trader, Peter Brandt has waded into the Bitcoin (BTC) versus Ethereum (ETH) debate, casting doubt on the long-term prospects of the latter.
Peter Brandt did not hold back his criticism of Ethereum as a protocol, re-affirming why he has gained popularity for his hard takes as an analyst in the industry. He believes there is no basis to place Ethereum side by side with Bitcoin as the former cannot be compared to the latter as a store of value.
This comment from Peter Brandt deviates from several bullish predictions that foresee Ethereum eventually “flippening” Bitcoin in the near future. One of the latest of these predictions came from JPMorgan, the banking giant that sees Ethereum outpacing Bitcoin in 2024, riding on the EIP-4844 or Protodanksharding upgrade.
Peter Brandt Settles Ethereum-Bitcoin Argument
According to his post on X, Peter Brandt asked a crucial question as he sought to know why investors choose to HODL Ethereum when they can HODL Bitcoin which he believes is a better store of wealth.
The top analyst went on to call out the downside of Ethereum: the expensive gas fee. To him, Ethereum’s functionality and gas fee make the digital currency a “piece of junk,” a statement perceived by some to be quite harsh. Brandt further predicted that Ethereum “may not even be a listed asset in 10 years.”
When called out for showing dissenting opinions about Ethereum as compared to other top experts in the space like Raoul Pal, Brandt did not recant his take but implied he has great respect for experts with a divergent view on the subject.
Brandt has always been critical of Ethereum. In August, the veteran trader argued that Ethereum is not decentralized. He further called it a “piece of crap” cryptocurrency in a critical post last June.
Special Note to Ethereum Bulls
According to Peter Brandt, Ethereum bulls need to keep a close eye on the ETH/BTC price chart which is trading above the 0.04803 level. The analyst said that should this level hold, then the imminent funeral for Ethereum will be delayed.
Hey ETH bulls, from a chart standpoint you need to hope $ETHBTC can hold above .048xx. If this level holds, then the funeral for $ETH will be delayed. pic.twitter.com/u4keL5Elqv
— Peter Brandt (@PeterLBrandt) December 15, 2023
Ethereum maintains a very close correlation with Bitcoin with similar price changes typically seen in the price action of both coins. At the moment, Bitcoin is trading for $42,655.59, down 0.41% in 24 hours and Ethereum has dropped by 0.32% to $2,278.
Unsurprisingly, both tokens have an uptick in trading volumes. Notably, the duo is likely to get a spot ETF product tracking them should the US SEC choose to thread on a different path of history in the coming weeks.
