Prominent Analyst Warns: Cryptocurrencies Will Go Bankrupt

Prominent analyst Peter Brandt issued a warning on Twitter saying that the ‘’cryptomaniacs’’ expect to see the altcoins increase along with bitcoin but he predicted the current altcoin sentiment to be the same as the dot-com bubble. Let’s find out in the altcoin news below what he meant.

Bitcoin is currently retracing from its high position over the past few weeks. This could mean that many enthusiasts are waiting for the advent of the altseason. This season is one of the most profitable times for crypto traders. This is a period where other crypto tokens usually rise in value against bitcoin and those you will be able to catch it they can grow their bitcoin stockpile up to 100x. The prominent analyst Peter Brandt issued a warning, however. He noted that some of the crypto traders are expecting the other cryptocurrencies to increase in value against bitcoin just as they did in 2017 but he compared the current sentiment to the dot-com bubble and says that many will file for bankruptcy again.

Brandt did, however, acknowledge that the dot-com bubble was a time when a real value exploded so this maybe means that you should be selective of the crypto projects you pour your money in. Many of the crypto projects do not offer real value but some of them actually do so you should be careful according to the analyst.  People in the crypto Twitter community share his opinion. Some of them replied that though correct about the dot-com bubble, some of the companies prospered while others failed. The trader expects the same to happen to the cryptocurrencies.

As noted in the latest cryptocurrency news, ShapeShift CEO Erik Voorhees responded to the tweet that Brandt tweeted saying that there are hundreds of very successful crypto projects just as there were dot-coms including the current biggest companies in the world. John McAfee also joined the discussion saying that some of the tokens will become very valuable. He mentioned that the privacy coins are basically the future.  What exactly will happen to the altcoins in the next period is only a matter of time and patience. It is always a good idea to choose wisely and to learn more about what you want to invest in.