“There has never been a market like Bitcoin and there probably never will be a market like Bitcoin,” investment legend Peter Brandt opens his story about the digital currency. Peter Brandt is not just an investor, because he opened his first futures contract 50 years ago.
In other words: Peter Brandt has seen a lot in his trading career, but according to him, Bitcoin takes the cake.
There has never been a market like Bitcoin
It is special to read that Peter Brandt, a man who traded around 35,000 futures contracts in gold, copper, sugar, palm oil, lumber, cattle, stock indices, eggs, iron and potatoes, is so full of praise for Bitcoin.
“I can say without blinking that there has never been a market like Bitcoin. Of course, some of you will point to altcoins and memes. However, these are products that owe their lives to Bitcoin.
What makes Bitcoin so unique? In answer to that question I would point out two things.
- The nature of the asset itself – Bitcoin cannot be hacked (at least so far), has a limited supply, is tradable worldwide, traceable and can be sent almost immediately.
- The price behavior of the asset.”
In this blog post, Brandt writes about the second point. According to trading legend, Bitcoin’s price behavior has some unique properties that do not apply to other assets.
Bitcoin has exploded several times since its early years
From 2009 to 2011, Bitcoin skyrocketed 3,191x. Then from 2011 to 2013 it was 572x. In the period from 2015 to 2017 it was 122x. Then from 2018 to 2021 it went up 22x and from 2022 to now Bitcoin went up 4.7x.
“Although those returns decline exponentially, these results leave Bitcoin as an asset class in its own right,” said Peter Brandt.
What makes Bitcoin completely unique, according to Peter Brandt, is that increases are also exponential on a logarithmic scale. “I can’t think of any other stock, commodity or publicly traded asset that can make this claim.”
“What’s next for Bitcoin? Who knows. I’m heading into my 80s and my health is failing me, so I probably won’t see the end of the Bitcoin story. But I have no doubt that more special developments and surprises are coming.
I remember that the stock market of the 1980s was characterized by hostile takeovers of companies. Bitcoin represents a hostile takeover of the global currency system. That is a special story to follow and participate in.
It has been a privilege for me to have been able to follow a small part of this great experiment,” said investment legend Peter Brandt.
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