Veteran trader and renowned chartist Peter Brandt says bitcoin is “vying to become the Level 1 ‘store-of-value’ standard replacing fiat currencies and government bonds.” He explained that fiat currencies, like the U.S. dollar, “will still be used to buy groceries and pay for gas.” Moreover, he expects governments to “constantly be issuing new currency replacements.”
Peter Brandt: Bitcoin Vying to Replace Fiat Currencies as Primary Store of Value
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Peter Brandt on Bitcoin and Level 1 ‘Store of Value’
Veteran trader Peter Brandt, known for his technical analysis expertise, weighed in on bitcoin’s potential as a store of value, suggesting it could replace fiat currencies.
“I grew up in the era of hostile corporate take-overs. They were the WSJ/Bloomberg fodder of the day. There is an even bigger take-over challenge occurring today,” he began, adding:
Bitcoin BTC is vying to become the Level 1 ‘store-of-value’ standard replacing fiat currencies and government bonds.
He added: “Not that fiat currencies will go away. Things like the USD, Yen, EUR will still be used to buy groceries and pay for gas. Of course, governments will constantly be issuing new currency replacements, with the smallest increment of money in the U.S. something like a $100 bill.”
Brandt frequently analyzes BTC’s price and recently made bullish remarks about the cryptocurrency. Earlier this month, he observed that the bitcoin bull market had started. Last month, he increased his bitcoin price target for “the current bull market cycle” scheduled to end in Aug/Sep next year from $120,000 to $200,000.
In January, he highlighted bitcoin’s price pattern that is key to keeping BTC’s bull trend healthy. “It is the Hump…Slump…Pump…Dump that keeps a bull trend healthy,” he wrote. He also recently opined on X: “I have a macro bias in bitcoin in a very broad sense — that BTC is a best candidate to be a tremendous store of value against the destruction of fiat.” He further shared: “ Bitcoin is primary a store-of-value IMO and still has massive opportunities to appreciate. I think everything is junk, including ETH.”
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