Bitcoin No Longer Offers Quick Riches, Expert Says

Peter Brandt, a renowned market analst, has warned that Bitcoin is unlikely to deliver the same level of wealth to investors as it did in its early years.

Brandt believes that those hoping to strike it rich by investing in the cryptocurrency are in for disappointment. While Bitcoin once offered exponential gains, those days appear to be behind it.

According to Brandt, Bitcoin’s appeal as a high-risk, high-reward asset has faded. For example, after reaching a low of $15,460 in November 2022, Bitcoin has only seen a modest 6.4-fold increase. In contrast, during its 2017 bull run, the cryptocurrency skyrocketed by 119 times from its 2015 bottom of $164.

Although Bitcoin experienced a strong rally in November, rising by over 37%, the momentum now seems to be waning. Bitcoin recently peaked at $99,645, falling just short of breaking the $100,000 mark. Despite this, some Bitcoin supporters remain optimistic.

Galaxy Digital’s CEO Mike Novogratz has speculated that Bitcoin could eventually surpass gold in market capitalization within the next five years. Similarly, venture capitalist Tim Draper believes Bitcoin could see a 30-fold increase, while MicroStrategy’s Michael Saylor has even predicted that the cryptocurrency could reach as high as $13 million in the future.