The entire cryptocurrency market has continued to bleed since the bear went into action at the start of this year. Along with all the cryptocurrencies that have witnessed a drastic fall, quite similar to its drastic rise, has attracted the attention of the whole world, including well-known politicians, media and celebrities.
The majority of the cryptocurrencies of people all over the world have heard, at least once, about Bitcoin, the largest cryptocurrency for market capitalization. This was only because of the hike in its price, where Bitcoin has almost reached $ 20,000.
However, virtual currency has crushed the feelings of its investors because the currency is now touching its lowest points from its all-time high. Today is one of the days in which the cryptocurrency has marked another low point, in which the currency has reached over 3130.29 dollars on Coinbase.
Apart from its price, the currency has recently been in the spotlight due to a statement made by Atulya Sarin, a professor at the University of Santa Clara. The professor stated that the cryptocurrency is on its course towards zero when it entered the spiral of death phenomenon, due to its price which falls below the cost of extraction.
Now, an old Bitcoin adopter intervened and noted that Bitcoin is dead. The person in the spotlight this time is Erik Finman, a teenager who ended up becoming a millionaire Bitcoin during the bull run in 2017. In addition, Finman said he had invested in Bitcoin since 2011. In an interview with MarketWatch , he has declared:
"Bitcoin is dead, it's too fragmented, there are tons of infighting, I do not think it will last, there could be a bull market or two in it, but in the long run, it's dead."
Bitcoin was not the only currency criticized by the teenage millionaire. litecoin [LTC], the seventh largest cryptocurrency, has joined his bandwagon, claiming that Litecoin is "dead for a while". Finman went on to say:
"It's like when the sun is setting and it's that eight-minute period before it goes dark." Litecoin is in his seventh minute. "
Nevertheless, he believes that the cryptocurrencies that are guided by the project have the potential to succeed, with his first choices as Ethereum [ETH], ZCash [ZEC]and money in Bitcoin.
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