World Will Not Adopt a Bitcoin or Gold Standard, Says Trader Who Called Bitcoin’s 84% Drop in 2017

Popular Twitter trader and market commentator Peter Brandt issued the prediction that the world will not return to a gold standard or rely upon cryptocurrencies in the future. 

In a series of tweets made July 22, Brandt claimed the world would not return to a gold standard, despite concerns over government quantitative easing and fiat inflation.  Brandt speculated governments could adopt special drawing rights (SDRs) based upon a basket of fiat currencies and assets. 

However, the popular commentator made it clear that cryptos would not be apart of an SDR global reserve unit. 

Prediction:

World will NOT return to Gold standard

World could adopt a formulaic “SDR” global reserve unit consisting of USD, JPY, CNH, EUR, CAD, AUD, GBP, Gold, Silver, Crude Oil

Bitcoin $BTC or other cryptos will NOT be part of basket

— Peter Brandt (@PeterLBrandt) July 22, 2020

Brandt, who correclt called 2017’s year-long bear market and over 80% price correction, predicted the global monetary system would be forced to evolve past paper fiat in the long-term. He also claimed governments would be forced to deflate the dollar over the next decade or two as a way out of debt while referring to cryptocurrencies as “pet rocks.” 

Eventually entire monetary system will evolve past paper fiat. But over the near-term (10 to 20 years) the only way out of debt for govts is to deflate USD. I just object to the arrogance of the crypto crowd to assume its pet rocks will replace all fiats

— Peter Brandt (@PeterLBrandt) July 22, 2020

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