Analyst Peter Brandt Compares Tether to a 'Nigerian Trinket'

By Abhimanyu Krishnan | News | 30 Apr 2020

Prominent market analyst Peter Brandt, who has in recent times quickly become a go-to source for regular cryptocurrency market investors, has compared the Tether (USDT) stablecoin to the ‘Nigerian trinket’, saying that “it is about as safe as holding a Nigerian Trinket”, according to a tweet posted on April 29. 

Brandt makes the point that United States investors cannot use Tether to escape the attention of the Internal Revenue Service (IRS) by way of selling the stablecoin for other digital assets. A second tweet suggests that, in the the near future, the value of crypto traded that will alert the IRS will be at $1000 levels,

Tether has experienced its fair share of controversy over the years, with the latest being its decision to issue hundreds of millions of new USDT tokens. Most recently, it issued 15 million USDT on the TRON (TRX) blockchain.

50-50 Chance for Bitcoin's Success

Although focusing on traditional markets for most of his career, Brandt has more recently forayed into the cryptocurrency market, gaining much attention for correctly predicting bull and bear runs. The founder and Chief Executive Officer (CEO) of Factor LLC, Brandt’s close and thorough examination of the market’s trading patterns has won the cryptocurrency community over, who now offers periodic reports on the market.

While Brandt has offered some optimistic outlooks for Bitcoin before, he maintains the position that there is a 50% chance Bitcoin will be worthless, and a 50% chance that could reach the staggering valuations that supporters predict. “The reward to risk profile”, Brandt said, “is insanely great.”

However, he has reservations about tweeting about Bitcoin, blaming the cryptocommunity for “too many disrespectful trolls.”

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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