[ad_1]
Erik Finman, who became a millionaire millionaire teenager during the mad rush to $ 20,000, warned the bitcoin maximalists – believers in the world's best-known cryptocurrency – that long-term prospects are desolate.
At the beginning of 2018, Finman reached the news headline when his rags to get rich bitcoin
BTCUSD, + 0.72%
tale made him a superstar during the night. At the age of 12, Finman started buying bitcoins with a gift from his grandmother.
But the bitcoin early adopter has warned investors that putting all the eggs in one basket is a mistake, saying that the largest digital currency has a limited shelf life.
"Bitcoin is dead, it's too fragmented, there are tons of infighting, I do not think it will last," Finman told MarketWatch. "There might be a bull market or two left, but in the long run, he's dead." This is a hot take coming from a guy who bought bitcoins in 2011, turning $ 1,000 into more than $ 4 million.
However, it should not be a surprise. In January, Finman told CNBC he can say with "almost certain" cryptocurrency that will end badly.
Another cryptocurrency that Finman said to be leaving is Litecoin, the cryptocurrency created by Charlie Lee. "Litecoin has died a while", he said. "It's like when the sun is going down and it's that eight-minute period before it goes dark." Litecoin is in his seventh minute. "And it's hard to argue, the cryptocurrency has fallen more than 95% from the peak and minimum from May 2017.
Finman has stated that project-based cryptocurrencies have the best chance of success, and that his choices on the group are Ether
ETHUSD, + 1.40%
and ZCash, adding that Bitcoin Cash
BCHUSD, + 1.57%
It has a great technology but the developers have done a bad job in marketing.
To read: Bitcoin peaked a year ago: here is a look at 12 months of suffering
So why such a bearish prospect for digital currencies? One of the reasons is the start of the Wall Street team compared to the crypto community. "They [Wall Street] have all the hooks and lobbyists, "said Finman.
But if there is a person who can beat the bankers, the New York entrepreneur knows the man for the job. "I'm better at this sort of thing than those millionaires," he said. "They do not know how the system works, they're nerds, they're more than that."
Provide critical information for the day of US trading. Subscribe to the free Need for Know newsletter from MarketWatch. Sign up here.
