Veteran Trader Peter Brandt Labels Ethereum A 'Junk Coin,' Says Bitcoin Is 'King Over Gold'

A seasoned stock exchange trader since 1975, Peter Brandt, on Thursday, gave a critical view of Ethereum ETH/USD, the second leading cryptocurrency by market capitalization. 

What Happened: Brandt referred to Ethereum as a “garbage coin” and shared his fatigue over having to repeat this stance. “I am tired of saying this over and over again,” Brandt tweeted.

He went on to suggest that regardless of their dedication, fans’ loyalty does not sway his opinion on the cryptocurrency. 

Brandt continued to express his analysis of Ethereum, arguing that it fails as a reliable store of value and attempting to place itself in the same category as Bitcoin BTC/USD, which he insists it resembles poorly.

"$ETH is a junk coin despite mindless devotion of Etheridiots. As a store of value, it is junk – a $BTC pretender. Its functionality is also junk – difficult to deal with L2s and outrageous gas fees. Of course, it will always attract “investors”," says Brandt.

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Why It Matters:  A longstanding commentator on both cryptocurrencies and broader economic matters, Brandt has shared his insights into the crypto sector previously. In August, while deliberating over the significance of a Bitcoin halving event—a periodically occurring reduction in the number of bitcoins created—he dismissed the event as “insignificant.”

In contrast to his views on Ethereum, Brandt has shown a favorable perspective on Bitcoin. “In a longer-term frame, Bitcoin is King over Gold and should remain on the throne for a very long time. Think of BTC as the ruler, Gold is the baron and Silver as the court-jester."

Price Action: At the time of writing, Bitcoin was priced at $67,032 while Ethereum was trading at $3,282, as per data from Benzinga Pro.

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