Peter Brandt compares altcoins to Beanie Babies: "will end up in junk heap"

25 Feb, 2019 | Updated: 25 Feb, 2019
by Will Heasman
Opinion
Peter Brandt compares altcoins to Beanie Babies: will end up in junk heap

Author of the book, ‘Diary of a Professional Commodity Trader’ and born-again cryptoanalyst, Peter Brandt, recently took to Twitter to air his views on altcoins, equating them to a 1990’s fad. No not the dotcom bubble, Beanie Babies…

Unfortunately for altcoins (and their owners), Brandt wasn’t referring to their utility as a cuddly toy that denoted the value in the thousands, but rather, the overinflated price of “pet coins that will end up in the same garage sale junk heap.”

Well the jokes on you, Brandt, because some Beanie Babies are worth more than some altcoins… so, there. 

Obviously, crypto Twitter wasn’t too pleased about Mr. Brandt’s blatant putdown of their pets altcoins:

One guy was just trying to go about his day when BAM! Brandt hits him with this… have some heart.

Brandt actually did some a favour, by reminding them of a possible hidden gem:

And some just outright disagreed:

Brandt (kind of) echoes sentiment portrayed by quite a few crypto speculators who believe that one day we’ll see a 90% wipeout of altcoins, leaving only the most business savvy and well-adjusted projects standing. This theory was first propagated in a report by investment bank GP Bullhound back in May last year, in which author Sebastian Markowsky foretold a sharp fall in prices, panic selling and then a subsequent period of “unprecedented” price growth for survivors.

The idea is a quasi-spin-off of the dotcom bubble which saw many over-inflated companies crash down to zero, while domains such as Amazon and Google, rose to prominence.

Ah well, at least if crypto goes to pot we can all sell our old Beanie Babies... 

Read more: Report: Cryptocurrencies could see 90% correction within the next 12 months

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