Legendary Trader Peter Brandt Slams Ethereum as "Worthless Junk"

Veteran trader Peter Brandt, a respected voice in the financial markets since the 1970s, has once again taken aim at Ethereum (ETH), calling it "worthless junk." Known for his candid takes, Brandt has witnessed countless market cycles, from economic crashes to the rise of tech giants like Apple and Nvidia. His latest criticism adds to a long-standing skepticism toward Ethereum.

Brandt first expressed his disdain for ETH in November 2024, citing the blockchain’s high gas fees and complexity, labeling it a “completely broken utility token.” Now, in response to renewed discussions about Ethereum's network inefficiencies, he reiterated his stance with a blunt statement that ETH is “worthless junk”—a bold take on an asset still valued at over $200 billion.

The Ethereum community is sharply divided. Recent on-chain data shows a mega whale sold 20,000 ETH on Kraken, stirring bearish sentiment. Meanwhile, Ethereum’s price remains stagnant, hovering around its October 2023 levels, despite broader crypto market movements. The ecosystem is also facing internal challenges, including dissatisfaction with leadership and persistent issues with network usability.

Brandt’s remarks arrive amid growing frustration from both retail and institutional holders. While some believe Ethereum remains a pillar of decentralized finance and smart contracts, others question its long-term viability due to scalability issues and user experience concerns.

Ethereum’s future hangs in the balance. Can it overcome its technical hurdles and regain user trust? Or will continued criticism from industry veterans like Peter Brandt accelerate a broader shift away from the world’s second-largest cryptocurrency?

With opinions polarizing and confidence shaken, Ethereum may be approaching its most critical stress test to date.