Experienced trader Peter Brandt has expressed his belief that the upcoming bitcoin halving in 2024 and the anticipated approval of a Bitcoin ETF by the U.S. will not significantly impact the cryptocurrency’s price. He argues that markets tend to anticipate events and “discount them in advance,” making these events likely to be non-events for bitcoin’s price. Despite some expectations that the halving and ETF approval could drive up BTC’s price, Brandt insists that the only crucial factor is bitcoin’s dominant position in the crypto market.
Brandt’s perspective diverges from recent data suggesting that the filing of Blackrock’s ETF had positively affected BTC in Q2 2023. However, he emphasizes that bitcoin’s correlation with other markets is negligible and asserts that its primary importance lies in being at the top of the cryptocurrency hierarchy.
Furthermore, Brandt warns that the U.S. government may continue to oppose the freedom of citizens to own or use bitcoin, aligning this resistance with the government’s desire for a “neo-Marxist country” where federal authority prevails over everything else. In contrast, he sees bitcoin as seeking its own sovereignty and thus opposing Marxism.
Frequently Asked Questions (FAQs) about Bitcoin Halving
Q: What does Peter Brandt, the veteran trader, say about the upcoming Bitcoin halving and ETF approval?
A: Peter Brandt believes that both the upcoming Bitcoin halving in 2024 and the anticipated approval of a Bitcoin ETF by the U.S. are likely to be non-events for the cryptocurrency’s price. He argues that markets tend to factor in such events in advance.
Q: How does Peter Brandt view Bitcoin’s position in the market?
A: According to Peter Brandt, Bitcoin’s position at the top of the cryptocurrency hierarchy is the most crucial aspect, and its correlation with other markets is insignificant. He emphasizes that being the leading crypto asset is what matters.
Q: Why do some bitcoiners believe that the halving and ETF approval will impact BTC’s price positively?
A: Some bitcoiners speculate that the halving and ETF approval will drive up BTC’s price. However, Peter Brandt disagrees, citing market anticipation as the reason for his belief in non-events.
Q: Does Peter Brandt’s perspective align with recent data on ETF filings affecting BTC’s price?
A: Peter Brandt’s perspective differs from recent data suggesting that Blackrock’s ETF filing positively impacted BTC in Q2 2023. He maintains that BTC’s price is primarily determined by its position as the dominant crypto asset.
Q: How does Peter Brandt view Bitcoin’s stance on sovereignty and Marxism?
A: Peter Brandt sees Bitcoin as seeking its own sovereignty, making it opposed to the idea of a “neo-Marxist country” where federal government holds ultimate authority. He warns that the U.S. government might continue to resist the freedom to own or use bitcoin.
Q: What is Peter Brandt’s stance on the approval of spot Bitcoin ETF applications?
A: When asked about the approval of spot Bitcoin ETF applications and the future of the top cryptocurrency, Peter Brandt remains uncertain, leaving the outcome open to interpretation.
More about Bitcoin Halving
Bitcoin Halving: An explanation of the Bitcoin halving and its potential impact on the cryptocurrency’s price.
Coingecko: A cryptocurrency data aggregator providing market insights and data.