Erik Finman, one of the youngest Bitcoin millionaires, has predicted a bleak long-term outlook for the king of cryptocurrencies.
One of the youngest Bitcoin millionaires in the world, 19-year old Erik Finman, has warned that the world’s foremost cryptocurrency does not have a great future in the long-term. He, however, believes that Bitcoin may stage a couple of rallies before it meets its end.
Finman had started investing in Bitcoin in 2011 when he was just 12 years old. He made his first purchase with the money gifted by his grandmother.
I’m bullish on Crypto-currency. It’s going to last FOREVER.
As much as I like Bcash’s technology, they just can’t seem to pull it together, they’re failures. They’re such a waste.
Bitcoin will go through more bull runs, but long term it’s dead.
— ERIK FINMAN (@erikfinman) December 14, 2018
During last year’s exponential bull run to an all-time high of nearly $20,000, Finman became a millionaire and hit the headlines with his remarkable story. It is reported that the young investor turned $1,000 into more than $4 million.
Finman Warns Investors
The early adopter has warned investors not to put all their eggs in one basket and believes that the largest cryptocurrency has a limited shelf life. Currently, Bitcoin commands a dominance of close to 54% in the overall crypto market and the digital asset’s price is currently hovering over $3513.
Finman told MarketWatch:
Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead.
Litecoin, according to Finman, is another cryptocurrency that is nearing its end. He says:
Litecoin has been dead for a while. It’s like when the sun is going down, and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.
Litecoin, which is currently trading around $28.45, is down by over 92% since its all-time high of $360 in December last year.
Thank you for your fair constructive criticism.
I’ve been apart of crypto since it started.
I backed bitcoin at the start when it was nothing & after it dropped to $200
I LOVE crypto currency
Bitcoin just has changed for the worse.
I didn’t leave Bitcoin. Bitcoin left me. https://t.co/vOh4ygb1p9
— ERIK FINMAN (@erikfinman) December 17, 2018
The Teenage Millionaire’s Picks
According to Finman, project-based cryptocurrencies are better poised for success. His current favorites being Ethereum and Zcash. He also believes that Bitcoin Cash has excellent technology but the team backing it has not done a good job at marketing.
The Bitcoin millionaire attributed his bearish outlook to the head start that the Wall Street executives have over the crypto community. “They [Wall Street] have all the hooks and lobbyists,” Finman said.
I’m better at this kind of stuff than those millionaires, they don’t know how to work the system, they’re nerds. I’m more than that.
While the young millionaire sounds bearish on his prediction for Bitcoin, other maximalists and investors do not share his sentiment. For many, Bitcoin remains the best bet in the digital assets market.
Do you agree with the opinion of Finman? Let us know in the comments below.
Images courtesy of Pxhere and Twitter/@erikfinman.