The veteran futures trader did not consider Saylor’s comment about Bitcoin to be true.
Peter Brandt has slammed MicroStrategy CEO Michael Saylor for saying the world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), is secured by energy.
Brandt noted that Saylor’s comment is valid only in the sense that the top cryptocurrency asset is useless without an exorbitant use of energy.
According to Brandt, Bitcoin does not even provide economic function, adding that:
“It is a huge myth that somehow BTC is anything but energy consumption.”
Secured by energy only in the sense that it is useless without an exorbitant use of energy — and then without providing economic function. It is a huge myth that somehow $BTC is anything but energy consumption. https://t.co/9CnvoC0dQT
— Peter Brandt (@PeterLBrandt) July 21, 2022
Recall that the CEO of the leading business intelligence firm, Saylor, had gone about with his usual Bitcoin praise.
“Bitcoin is a digital commodity because it has no issuer and is secured by energy,” Saylor tweeted on Tuesday.
#Bitcoin is a digital commodity because it has no issuer and is secured by energy.
— Michael Saylor⚡️ (@saylor) July 19, 2022
Traditional Financial Experts Criticize Bitcoin’s Energy Consumption
Bitcoin’s energy consumption has been a major topic of discussion for years. Traditional financial experts have slammed the cryptocurrency for the enormous energy it requires to complete transactions.
It is not surprising that Brandt is slamming Bitcoin’s energy consumption, given that he is also regarded as a traditional financial expert. Brandt is a veteran futures trader who has been in the sector since 1975.
Brandt Providing Bitcoin’s Market Insight
Meanwhile, Brandt has been outspoken about Bitcoin in recent times. The veteran futures trader recently predicted that Bitcoin would dip to the price levels of $12,700 during the period the asset class embarked on a free fall.
Interestingly, BTC has shown strength in the past week after rallying above $20,000 again. At press time, Bitcoin is trading at $22,639 across major exchanges.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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