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Crypto Crisis: Pro Trader Compares Altcoins To Crushing Student Debt

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
altcoins student debt crypto bitcoin

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Back at the end of the crypto hype bubble in 2017, altcoins like Ethereum, Litecoin, and Ripple, and even more obscure altcoins were all expected to be a revolutionary breakthrough in financial technology. Hopes were high for the emerging asset class, and retail investors flocked to the crypto market in hopes of finding the next Bitcoin.

These days, altcoins are failing to deliver on the utility they promised during that time period, and most have since fallen over 90% or more from the all-time highs set back then. The negativity surrounding the alternative crypto assets sparked one professional career trader to compare altcoins to student debt as the two things victimizing millennials currently.

Peter Brandt Compares Altcoins to Crushing Student Debt

Every generation suffers some sort of challenge or atrocity, where an entire subset of people falls victim to specific emerging trends. During the early 2000s, acts of terrorism changed humanity. Later in the decade, recession hit and jobs were difficult to come by.

Related Reading | Bitcoin and Crypto Has Introduced Millennials to Investing in Markets, Despite Fears

Fast forward to now, student debt has climbed to all-time highs, and its causing widespread issues in the growth of the economy, and has impacted everything from job selection to choice in housing – more and more millennials are opting for apartments so they can pay down student debt, which is crushing the housing market.

Student debt, is without a doubt, a crisis that is spiraling out of control that will have long-term implications for the future of the entire world. Global debt as a whole is problematic, but for young students just starting out in life, student debt can be a crushing reality that can take years and even decades to escape.

That’s why it’s shocking to read that altcoins – an entire asset class of cryptocurrencies – have been compared to something so inherently bad as student debt. The comparison was made by professional trader, Peter Brandt, who regularly bashes altcoins while being extremely bullish on Bitcoin long-term.

Every generation has their own victim class. For millennial, the predators will be student loans and alt-coins.

— Peter Brandt (@PeterLBrandt) September 12, 2019

Continued Crypto Crash Fueling Negative Comparisons

Sentiment in the crypto market is at extreme lows, and not because Bitcoin is on shaky ground. The negative sentiment is mostly due to altcoins, such as Ethereum, Litecoin, and Ripple, struggling to find support and continuing to crash.

Altcoin investors who bought the top of the crypto hype bubble need to deal with the harsh reality that many of their investments may never again grow in value and are likely to never again set a new all-time high.

Related Reading | Peter Brandt: 99% of Altcoins Will Be Forgotten in Five Years

Unfortunately, these investors did indeed fall victim to hype and the promise altcoin companies were pitching to investors who bought in hoping to strike it rich. Instead of striking it rich, their money was nearly wiped out entirely.

With the fact that altcoins may never recover, the comparison to student debt victimizing millennials may not be so far off after all.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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