Peter Brandt, one of the most prominent commodity traders, has cautioned younger investors that Bitcoin is no longer going to make them rich.
Those who continue to view the leading cryptocurrency as their road to “financial glory” will be disappointed, according to the prominent trader.
Exponential gains were the norm during Bitcoin’s early days, but this is not the case anymore.
Now, as Brandt points out, the “bloom is already off the rose,” meaning that it is no longer a new flashy investment option that could make you rich.
For instance, the cryptocurrency has so far logged only a modest 6.4X increase from its November 2022 bottom of $15,460. For comparison, the cryptocurrency logged a 119-fold increase from its January 2015 bottom of $164 during the peak of the 2017 bull mark.
The leading cryptocurrency experienced an impressive rally in November, surging by more than 37%.
However, Bitcoin’s latest rally now appears to be running out of steam. The crypto king reached its current price peak of $99,645 nine days ago, failing to break above the $100,000 level.
However, some Bitcoin evangelists believe that the leading cryptocurrency still has significantly more room for growth.
Galaxy Digital CEO Mike Novogratz has predicted that Bitcoin could potentially surpass gold by market cap in five years.
As reported by U.Today, prominent venture capitalist Tim Draper recently predicted that the price of Bitcoin could still experience a 30X increase from here.
Meanwhile, MicroStrategy co-founder Michael Saylor sees Bitcoin reaching $13 million in the long term.
