Benzinga - Veteran commodities trader Peter Brandt on Thursday voiced skepticism regarding the future of Ethereum (CRYPTO: ETH), predicting that it may not survive the next decade as a tradable asset.
What Happened: In a tweet on X, Brandt said "ETH is not comparable to BTC as a store of value. Why hodl ETH when you can hodl BTC. And the functionality and gas price of ETH make the crypto a piece of junk. My prediction is that ETH may not even be a listed asset in 10 years."
He explained his rationale behind the tweet. He referred to the ETH network’s high transaction fees, often referred to as ‘gas prices.'
Amid a resurgence of optimism in the crypto market, partly buoyed by anticipation of a Bitcoin (CRYPTO: BTC) Spot ETF, Ethereum has seen a surge, climbing 13% over the past month.
Brandt suggested that those betting on Ethereum’s rise should closely watch the ETH-BTC ratio. “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.”
Ether $ETH is not comparable to $BTC as a store of value. Why hodl ETH when you can hodl BTCAnd the functionality and gas price of ETH make the crypto a piece of junk
My prediction is that ETH may not even be a listed asset in 10 years https://t.co/4WQ7wnFWEO
— Peter Brandt (@PeterLBrandt) December 14, 2023
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Why It Matters: Earlier in June, Brandt had already positioned Bitcoin as the unrivaled crypto asset in terms of investment security. He added: “Bitcoin is the only bet in crypto that will finish the marathon. All others are just wannabes or scams, including ETH.”
Price Action: At the time of writing, ETH was trading at $2,283.38, up 0.17% in the last 24 hours, according to Benzinga Pro.
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