Veteran Trader Peter Brandt Questions Bitcoin’s Validity Without Central Bank Backing

Popular trading analyst and crypto commentator Peter Brandt has questioned whether bitcoin can become a globally recognized currency. 

In a Twitter poll published August 26, Brandt asked his 370,000+ followers whether bitcoin could establish itself as a global currency without the backing of Central Banks.

According to the poll’s results, forty-seven percent of respondents believe that bitcoin can become a global currency, while thirty-five percent said no. The remaining eighteen percent of pollees elected the “no clue” option. 

Can $BTC ever become a globally recognized medium of exchange (currency unit) without buy in from Central Banks? Thoughts

— Peter Brandt (@PeterLBrandt) August 26, 2020

Brandt has a history of providing market commentary on crypto-assets, including bitcoin. In July, the popular chart analyst said bitcoin’s technicals had formed a symmetrical triangle, pointing to new all-time price high before settling at $50,000. 

That is actually where my head is. Massive symmetrical triangle in $BTC points to ATHs, then $50k

— Peter Brandt (@PeterLBrandt) July 25, 2020

Earlier in the month, Brandt bashed stablecoin maker Tether as being an “accident waiting to happen.” The veteran trader went on to criticize USDT as just “another fiat currency.”

Tether is an accident waiting to happen. Tether is just another fiat currency.

— Peter Brandt (@PeterLBrandt) August 11, 2020

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