Veteran Trader Champions Bitcoin, Says US Dollar ‘Is Being Destroyed’

A veteran trader has projected a major drop in US dollar value – and the strong ascent of Bitcoin. Peter Brandt’s comments coincide with a period when financial accountability of the US government is under extreme examination.

Brandt’s prediction fits a general view among financial experts concerned about the long-term survival of paper money. Based on his analysis, Brandt said the decline of the greenback is an indication of more fundamental economic problems that may affect its valuation. He specifically said the US dollar is “being destroyed, and that all paper currencies for that matter “are being destroyed” as well.

U.S. Dollar is being destroyed. All paper currencies are being destroyed. An entirely new system of payments and store of value will evolve during next decade.
Do you want Kamala Harris in charge of this because revolution in currencies units will happen https://t.co/eVIk3w1M9r

— Peter Brandt (@PeterLBrandt) July 23, 2024

Influential Bitcoin Backers

Although the idea of Bitcoin as a safe haven is not new, some of the most influential personalities in technology and finance are starting to find attraction in it. Co-founder of MicroStrategy Michael Saylor has famously labelled Bitcoin “digital gold,” contending that its limited supply makes it a better inflation hedge than more conventional assets like gold.

Likewise, eminent Bitcoin enthusiast Anthony Pompliano emphasizes the benefits of Bitcoin’s mobility and divisibility, which he thinks make it a more sensible asset for contemporary investors. Former hedge fund manager Raoul Pal shares similar ideas, calling Bitcoin among the finest investment prospects of his career because of its ability for expansion much beyond that of gold.

The backing for Bitcoin goes beyond the business world. Co-founder of Twitter (now X) and Square Jack Dorsey sees Bitcoin as a tool for financial emancipation and as a possible global currency. Bitcoin has been supported even by Elon Musk and Robert Kiyosaki as they understand its worth in a society when conventional money seems to be losing its appeal.

BTC up in the last week. Source: Coingecko

Political Winds And Legislative Obstacles

The changing story of cryptocurrencies is also being shaped in great part by the political terrain. The Democratic presidential contender Kamala Harris nowadays has showed increasing curiosity in the cryptocurrency sector.

Her advisers have been speaking with business magnates, like Mark Cuban, on crypto policy, indicating Harris would be receptive to adopting fresh technology. Particularly in view of President Joe Biden’s decision not to run for re-election, this participation has generated a lot of curiosity among the crypto community.

Meanwhile, Brandt is positive about Bitcoin despite these legal obstacles; based on present market trends and particular pricing patterns, he projects that its price might fly to $90,000.

He advises, therefore, that a close below $56,000 would render this optimistic picture void. With trading around $63,020, Bitcoin has witnessed a considerable rise as of yet, mirroring increasing investor interest.

Featured image from Pexels, chart from TradingView