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A bitcoin billionaire from TEENAGE warned that the cryptocurrency is now "dead" and that its future is over.
Erik Finman, 19, of New York, has invested in the digital currency since he was 12 and now warns others that the end of bitcoin is on the horizon.
The millionaire told MarketWatch investment magazine: "Bitcoin is dead, it's too fragmented, there are tons of infighting, I do not think it will last.
"There might be a bull market or two left, but in the long run, he's dead."
A year after the record level of the currency, Bitcoin now seems ready to break a new record: a new 2018 low.
Since the beginning of the year, cryptocurrency has continued to fall, which today is reduced to $ 3,400 (£ 2,688).
Erik bought bitcoins in 2011 with a gift from his grandmother, and eventually turned $ 1,000 (£ 790) into over $ 4 million (£ 3,162,800) at the age of 18.
His first bitcoin cost him $ 12 (£ 9.50) and by the time he cashed them at the peak of the cryptocurrency in 2017, it was worth around $ 20,000 each.
He used the profits to launch his online tutoring activity, Botangle, which connects students with teachers via video chat.
Now, Erik's Instagram account is full of photos of the entrepreneur flying alone on private jets, sitting over cunning machines, lying on the bed with dollar bills and pretending to smoke a $ 100 bill rolled.
He also warned that another famous cryptocurrency Litecoin is also on its way out, which fell more than 95 percent from its peak in May last year.
What is Bitcoin?
Did BITCOIN confuse you? Here's what you need to know:
- Bitcoin is a virtual currency
- It is exchanged between people without the help of a bank
- Each transaction is recorded in a public ledger, or "blockchain"
- Bitcoin is created by mining
- Extraction involves solving complex mathematical problems with the use of computer processors
- Bitcoin can be traded anonymously, which makes it a popular way to finance illegal activities
- A single Bitcoin is worth just under £ 5,000 today, but the value is wildly wild
- Bitcoin is one of many different cryptocurrencies, but by far the most popular
But the teenager has praised digital currencies such as Ether and ZCash – so all is not lost if you're thinking of dipping your finger into the world of online currencies.
Bitcoin is a virtual currency created in 2009 by an unknown computer wizard who uses the alias Satoshi Nakamoto.
The future of bitcoin is largely unknown because it is largely unregulated – although this may change because governments are worried about taxation.
In October, bitcoin prices rose on Bitfinex Exchange while Tether, another cryptocurrency, fell against the dollar.
But the ascent was short-lived. In November, prices fell below $ 4,500 for the first time in a year, and continues to worsen further.
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But some sellers are willing to accept it. Daniel Roy also put his £ 1.69 million town house in Peckham, south London, on the 500 bitcoin market in September 2017.
The following month a new family home in Colchester, Essex, was marketed for 82.55 bitcoins, equivalent to about £ 25,000 less than the payment in pounds sterling.
A fitness fan managed to turn his investment into bitcoins from £ 2,700 into £ 80,000 over four years – and used the profits to quit his job and start his health business.
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