The crypto market controversies and Peter Brandt are the flip sides of the same coin. It seems that the veteran trader cannot help but assume the responsibility of being the devil’s advocate for the crypto community. A few days ago, Brandt rained down on the parade of Bitcoin bulls who have been roaming on social media with sparkly eye avatars.
Now, the experienced commodity trader is pointing the attention of crypto enthusiasts towards an upcoming threat from the government. In a recent tweet, Brandt quoted an article published by The Wall Street Journal claiming that turbulent times and trade drought for digital assets are ahead. Brandt has predicted that the Biden administration would prove to be detrimental for the entire decentralized financial infrastructure.
Signs of Crypto Resistance in the Biden Era
The main reason to quote the Wall Street Journal article, according to expert chartist Peter Brandt is capital gains taxes. He pointed out exclusively that during the next joint session of Congress, Biden is going to introduce the detailed plans about his anti-poverty and educational reforms proposals. These proposals are seeking to strike a balance between top rates of capital income and labour.
Brandt is concerned about the 39% rise in the capital gains tax and mentioned that the ratio would be as high as 55% in some states. The capital gains tax is only going to be implemented on the people whose income slab is higher than $1 million. Brandt thinks that if Biden succeeds in passing the law, it would be difficult for the business class to accumulate savings and pass down assets to their children.
Although Brandt is usually found speaking up about some danger brewing ahead for the crypto community, for the most part, he still identifies as an avid Bitcoiner. When he was grilling the crypto community enthusiasts about their decision of boldly declaring Bitcoin ownership and bullish trend, it seems to come a little late. With his recent remarks, Brandt has also mentioned that his sympathies are with the crypto bulls since he also considers himself one.
He said in a tweet that he does not wish to introduce a bearish trend in the Bitcoin community by talking about the Biden administration effects. Brandt also added that a major portion of his investments are staked in Bitcoin, and he hopes for the best just like everyone else. In the past, Brandt has also been spotted suggesting SEC try XRP as a security. The Ripple Labs case has the potential to put the future of the entire crypto space in jeopardy.