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Legendary crypto trader sends a hard-nosed message to Bitcoin maxis
Legendary crypto trader sends a hard-nosed message to Bitcoin maxis originally appeared on TheStreet.
Veteran trader Peter Brandt issued a blunt warning to Bitcoin supporters on an X post on Wednesday.
Brandt, who has spoken in favor of Bitcoin many times before, criticized how many Bitcoin supporters believe the digital currency can fundamentally replace the fiat-based currency system.
Brandt went on to say, "Bitcoin seems to be a religion to way too many people." He added, "These people actually give Bitcoin a bad image."
A few hours later, in a new post, Brandt pushed back against what he calls the "Hodl-or-does-not-count" crowd.
He said that if Bitcoin had existed in 1975, when he started trading with little life savings, he wouldn't have been able to support his family and "build wealth."
He also criticized the crypto community, saying, "There is no winning with the crypto community. Most of you are a bunch of idiots who borrow money to buy pizza."
While the post received both support and backlash, the most prominent response came from Strategy Executive Chairman Michael Saylor, who addressed the debate.
Saylor pointed out that "Bitcoin is an asset, circulating on a network, governed by a protocol, and rooted in ideology."
Join the discussion with Scott Melker on Roundtable here.
Another user, Marcelo Cardenal, said Bitcoin represents personal responsibility. Brandt disagreed, arguing that Bitcoin's image suffers when people treat it as a belief system rather than an investment tool.
Two months earlier, in May, Brandt predicted that Bitcoin could hit $150,000 by August. In a technical analysis showcasing a breakout from a "bull flag", the macro trader predicted a bullish momentum for the asset.
However, as of August 7, Bitcoin is trading at $116,639.57 — roughly 28.6% below the target price.
Legendary crypto trader sends a hard-nosed message to Bitcoin maxis first appeared on TheStreet on Aug 7, 2025
This story was originally reported by TheStreet on Aug 7, 2025, where it first appeared.
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