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A 25 Bitcoin token is seen in Sandy, Utah.
(Photo AP / Rick Bowmer)
When it comes to investor burnout in bitcoin, it takes to get to know one.
Erik Finman, who became famous after becoming one of the first crypto millionaires, told MarketWatch in an interview that the virtual currency that made him rich is directed to the trash.
"Bitcoin is dead, it's too fragmented, there are tons of infighting, I do not think it will last.
"There may be a bull market or two left," he added, "but it's dead in the long run."
Finman was particularly late on Litecoin – which fell 95 percent from its peak – as in the way out.
"Litecoin has died a while", he said. "It's like when the sun is setting and it's that eight-minute period before it goes dark." Litecoin is at his seventh minute. "
In the last 24 hours, the bitcoins have reached a new annual low of $ 3,126, and some analysts believe it could fall even further, below the $ 3,000 level.
It's been almost a year since bitcoin surpassed $ 18,000 and seemed headed for $ 20,000 – before falling back to earth.
The volatile asset is now out beyond 84% from the highs seen during its "tulip mania" phase a year ago.
At that point, towards the end of 2017, an increasing number of people spent real money on computers and electricity to discover the "coins", using advanced algorithms.
This story originally appeared in the New York Post.
