Peter Brandt does not hold back when it comes to Ethereum, the industry’s second-largest crypto by market cap, as the legendary trader has been vocal about his skepticism for years, and he is not changing his tune now. Brandt’s Argument Against Ether Ether, often considered the “king of smart contracts”, has been a key contender in the crypto market since going live in 2015. Serving as a leading platform for hosting decentralized apps and decentralized finance, Ethereum continues to act as the bedrock for many innovative projects and protocols. Despite ETH’s notable influence, Peter Brandt has described the crypto as “worthless junk” in a blunt assessment. Brandt was responding to an X post pointing to gas problems within the Ethereum ecosystem by simply stating that ETH is worthless. Back in November, Brandt, who has been active on the financial markets since the 1970s, responded to the thesis that Ethereum is too complicated and costly as a crypto ecosystem by describing ETH as a “completely broken utility coin” due to its complexity and exorbitant transaction fees. This opinion aligns with his previous condemnation of Ethereum, wherein he emphasized the limitations of the crypto as a functional ecosystem. Looking Ahead While Brandt is dishing out his critique on Ethereum, the project’s co-founder, Vitalik Buterin, is hinting that future network upgrades could come faster. “I’m seeing a lot of willingness to do faster hard forks post-Pectra with near-zero pushback,” Buterin postulated in an X post, referencing the upcoming Pectra upgrade for Ethereum, currently scheduled for mainnet launch on May 7. As the first major upgrade to the network since Dencun activated in early 2024, Pectra is Ethereum’s most important software update yet. It is expected to bring scalability, slashed fees, increased security, and smart accounts to Ether, paving the way for more efficient transactions and future innovation. Buterin also hinted at details related to the Ethereum blockchain’s anticipated “Glamsterdam” upgrade, which would follow both Pectra and Fusaka, as per Ether’s development roadmap.
