World Will Not Adopt a Bitcoin or Gold Standard, Says Trader Who Called Bitcoin's 84% Drop in 2017

World Will Not Adopt a Bitcoin or Gold Standard, Says Trader Who Called Bitcoin's 84% Drop in 2017

  • Popular Twitter trader and market commentator Peter Brandt predicted the world would not return to the gold standard.
  • Brandt referred to crypto-assets as "pet rocks" and said they would have no place in an SDR global reserve unit. 

Popular Twitter trader and market commentator Peter Brandt issued the prediction that the world will not return to a gold standard or rely upon cryptocurrencies in the future. 

In a series of tweets made July 22, Brandt claimed the world would not return to a gold standard, despite concerns over government quantitative easing and fiat inflation.  Brandt speculated governments could adopt special drawing rights (SDRs) based upon a basket of fiat currencies and assets. 

However, the popular commentator made it clear that cryptos would not be apart of an SDR global reserve unit. 

Prediction:World will NOT return to Gold standardWorld could adopt a formulaic "SDR" global reserve unit consisting of USD, JPY, CNH, EUR, CAD, AUD, GBP, Gold, Silver, Crude OilBitcoin $BTC or other cryptos will NOT be part of basket— Peter Brandt (@PeterLBrandt) July 22, 2020

Brandt, who correclt called 2017's year-long bear market and over 80% price correction, predicted the global monetary system would be forced to evolve past paper fiat in the long-term. He also claimed governments would be forced to deflate the dollar over the next decade or two as a way out of debt while referring to cryptocurrencies as “pet rocks.” 

Eventually entire monetary system will evolve past paper fiat. But over the near-term (10 to 20 years) the only way out of debt for govts is to deflate USD. I just object to the arrogance of the crypto crowd to assume its pet rocks will replace all fiats— Peter Brandt (@PeterLBrandt) July 22, 2020

Featured Image Credit: Photo via Pixabay.com

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