This Well-Known Trader Says Ethereum Is Worthless! Can He Be Correct?

In the world of financial markets, Peter Brandt is a name that commands deep respect. A veteran trader with more than five decades of experience, Brandt has seen bubbles, busts, revolutions, and recessions—and he’s not afraid to speak his mind. 

Recently, he delivered a striking opinion on one of the most talked-about cryptocurrencies in the world: Ethereum (ETH). In just two words, he called it “worthless junk.”

With Ethereum standing as the second-largest cryptocurrency by market cap, worth over $200 billion, Brandt’s remarks have sparked intense debate in the crypto community. 

But is his claim just provocative bluster, or could there be some truth behind the criticism? Check out more in this article!

Peter Brandt’s Beef With Ethereum

Peter Brandt first criticized Ethereum (ETH) publicly back in late 2024, citing the network’s complexity and high costs as signs of a fundamentally broken system. 

In his view, Ethereum’s user experience—especially around gas fees and scalability—makes it an ineffective platform for real-world utility. 

His argument isn’t based on emotional bias, but rather on fundamental analysis that he believes disqualifies ETH as a serious long-term investment.

Earlier this week, he doubled down. In response to a post on social media highlighting yet another gas fee spike on the Ethereum network, Brandt posted bluntly: “Ethereum is worthless junk.” While controversial, this succinct verdict has reopened longstanding questions about Ethereum's scalability, usability, and future prospects.

The Gas Fee Problem: Still Unresolved?

One of the biggest sticking points for critics like Brandt is Ethereum’s notorious gas fee issue. During periods of high network demand, fees can skyrocket, making even simple transactions costly. 

While upgrades such as EIP-1559 and Ethereum’s transition to Proof of Stake (PoS) via the Merge aimed to reduce costs and environmental impact, gas fees still remain a thorn in the side of everyday users.

For developers and newcomers, the barrier to entry is steep. Applications can cost hundreds of dollars to deploy, and simple token transfers can quickly become unaffordable. These issues not only limit Ethereum’s accessibility but also undermine its goal of becoming a global decentralized computer.

The Flip Side: Ethereum’s Value Proposition

Despite the harsh critique, Ethereum also has a large and loyal base of supporters who believe the criticisms are exaggerated or outdated. 

They point to Ethereum’s status as the foundation of decentralized finance (DeFi), NFTs, and a vibrant Layer 2 ecosystem including solutions like Arbitrum, Optimism, and zkSync that significantly reduce transaction costs and increase scalability.

Moreover, Ethereum’s smart contract capabilities make it fundamentally different from Bitcoin. ETH is not just a currency—it’s programmable infrastructure, enabling the creation of decentralized applications (dApps), DAOs, and Web3 services.

Many of these advocates argue that Ethereum is undergoing a “technical transformation” and that it simply takes time for the full benefits of recent upgrades to become visible. They also note that Ethereum’s dominance in the smart contract space remains virtually unchallenged.

ETH Price Stagnation: A Fair Concern?

Another point fueling the negativity is ETH’s stagnant price performance. As of April 2025, Ethereum’s price remains stuck around levels seen in late 2023. For many long-term holders, this has been frustrating, especially when other altcoins or even traditional assets have outperformed.

Combined with structural changes in Ethereum Foundation leadership and lingering uncertainty about future protocol upgrades, the lack of upward momentum has caused some investors to question the long-term value proposition of ETH.

However, some argue that this stagnation is temporary and reflective of broader macroeconomic conditions rather than any fundamental flaw in Ethereum itself.

Read also: Gold Is Now More Profitable Than Crypto! But Investors Are Shifting to Decentralized Gold

Is Brandt Right or Just Bearish?

Peter Brandt’s blunt dismissal of Ethereum as “worthless junk” should not be taken lightly—but it should also be critically evaluated. His opinion represents a traditional investor’s lens, one that values simplicity, cost-efficiency, and proven performance. In those areas, Ethereum does have room for improvement.

Yet, calling ETH “worthless” may be an overreach. Ethereum remains the most used blockchain for smart contracts, with billions of dollars locked in DeFi protocols and millions of active users and developers. Its utility and ecosystem are unmatched, even with the technical hurdles it faces.

Brandt’s comments, while influential, reflect a broader skepticism that exists among traditional finance veterans who remain wary of crypto’s scalability and real-world use cases.

Conclusion: The Truth Lies Somewhere in the Middle

Ethereum is far from perfect. Issues around high fees, slow scalability, and governance uncertainty continue to weigh on its growth and investor sentiment. 

Peter Brandt’s harsh words serve as a wake-up call to the Ethereum community—a reminder that reputation alone can’t carry a network forever.

However, to call Ethereum “worthless” is to ignore its groundbreaking contributions to the blockchain industry. From powering DeFi to supporting thousands of dApps, ETH remains a critical piece of the digital asset landscape.

As always, time will tell whether Ethereum can overcome its growing pains or if skeptics like Brandt will eventually be proven right. But for now, Ethereum remains a battleground between visionaries, critics, and cautious investors—all trying to make sense of what comes next.

FAQ

Who is Peter Brandt and why does his opinion matter?

Peter Brandt is a veteran trader with over 50 years of experience in financial markets. He is widely respected for his charting expertise and market insights. His opinions are influential because of his long track record and deep understanding of trading psychology and macroeconomic trends.

What exactly did Peter Brandt say about Ethereum?

In response to ongoing criticism of Ethereum’s gas fees and usability, Peter Brandt referred to Ethereum (ETH) as “worthless junk.” He had previously criticized the platform in 2024, calling its complexity and user experience “world-class terrible.”

Is Ethereum really broken, as Brandt suggests?

This is a matter of debate. While Ethereum has struggled with high gas fees and network congestion, it also powers the majority of decentralized applications (dApps), DeFi protocols, and NFTs. Supporters argue that upcoming improvements and Layer 2 solutions are addressing these issues.