Bitcoin Is Store Of Value Like Gold, Believes Trading Legend

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Peter Brandt (Courtesy: Twitter)
Peter Brandt (Courtesy: Twitter)

Peter Brandt, a trading legend, said that he looks at Bitcoin as a store of value like Gold or silver. He also added that the ability for $BTC to serve as a reserve currency remains to be seen.

His comments on twitter garnered plenty of comments with some saying, “If you hold Gold , Silver as a story of value it wouldent make any sense to not hold BTC and the other way around”.

“Bitcoin behaves as a risk asset and is correlated the most with the stock market. Doesn’t react to geopolitical risk etc. at all. It is still a mere tool for speculation. It might at some point become “digital gold” but as for now we can’t really talk about it as a store of value,” the others mentioned.

“Bitcoin is a terrible store of value considering it has 10% swings intraday and suffers periodic 80-90% corrections (crashes),” some said.

“AGREE!! If someone sells as little as $2M of BTC over a weekend , that would cause an immediate price crash,” another one said.