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According to a Wall Street legend: "Ethereum is worthless junk"

The well-known Wall Street veteran Peter Brandt shared his blunt opinion about Ethereum on the social platform X.

By Mike Hesp
• 3 min read

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The well-known Wall Street veteran Peter Brandt shared his blunt opinion about Ethereum on the social platform X. In a sharp reply he wrote: “ETH is worthless junk.”

Brandt, who has been active in finance since the 1970s and is regarded as one of the most successful traders in the world, responded to a complaint from crypto journalist Web3 Kristel.

Kristel vented her frustration with Ethereum's user experience. She tried to move USDT (Tether) on the Arbitrum network to USDT on the Ethereum mainnet, but ran into a common problem: lack of ETH to pay the transaction fees (gas fees).

"I don't have ETH on Arbitrum to pay the gas fees. And I can't swap my USDT on Arbitrum for ETH on that same network because I don't have ETH to cover the gas for the swap. Do you think this is how you bring new users on board? Dumb system, broken system," she wrote.

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Kristel's complaint struck a chord: more than 1,300 users replied to her post, many with similar experiences.

Ethereum, launched in 2015, is the second-largest cryptocurrency in the world after Bitcoin, trading around $1,600 with a market cap of nearly $200 billion. Yet sentiment has been negative lately. Since its all-time high of $4,800 in November 2021, the project has been under pressure.

Internal divisions, scandals, and a lack of a clear roadmap are causing unrest. The price lags behind rivals, and users increasingly complain about the complicated and cumbersome tech being a major reason mainstream adoption is lagging.

There’s another take: despite the criticism, Ethereum remains the preferred choice for many large institutions, precisely because of its high security standards. Companies like BlackRock, Visa, and Sony use the network to move large amounts of capital.

The battle over Ethereum’s future, therefore, is far from over.

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