98% of cryptocurrencies will become worthless – says longtime investor Peter Brandt

Investor legend Peter Brandt recently commented on the situation in the crypto market. He wrote to his followers on Twitter that most cryptocurrencies are 98% worthless.

Peter Brandt criticizes cryptocurrencies

Peter Brandt is known in the world of classic trading as a legend. It has been actively trading since the 1970s. In recent months, he has also begun commenting and analyzing cryptocurrencies, especially BTC.

In a recent tweet, Brandt criticized altcoins, which is the common name for all other cryptocurrencies than BTC. Brandt wrote:

Super ironic thing about alt-coin "investors" (term used lightly)
98% will become worthless
but,
98% of alt-coin traders believe their pet rock is among the 2% that have real worth
Some people are only fooling themselves pic.twitter.com/28xryz6qRy

— Peter Brandt (@PeterLBrandt) May 12, 2022

Are altcoins worthless?

Brandt based his tweet on recent experience with the LUNA altcoin, which recently dropped from nearly $ 100 apiece to $ 0. This negative experience has raised concerns among investors that other cryptomen projects may collapse so easily too. Cryptocritics have already begun to use Terra cryptocurrency crash as an example of the instability and risks present in the cryptocurrency sector.

Many of the cryptocurrencies that were in the top 20 during previous bull markets no longer exist today, resp. are lower than they were. Many projects will certainly disappear, as new and more progressive projects are constantly emerging. Do you agree with Petr Brandt’s opinion that 98% of cryptocurrencies have no real value and will disappear?