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Erik Finman, a teenager who became a lousy rich man during the Bitcoin boom, has now launched a warning to the maximalists of Bitcoin, the term given to those who believe in the Bitcoin revolution, which the currency has a long-term bleak prospect. Finman has the habit of hitting digital resources. In 2017, he told Mic that he was not convinced by Ethereum, urging investors to do without digital assets.
The teenager entered a cryptocurrency in 2011, when the then 13 year old bought the cryptocurrency with the money given by his grandmother. Starting this year, the teenager was worth up to $ 4 million. However, it is giving a rather dark prospect to the future of Bitcoin and Litecoin, warning potential investors that they will be wrong to put all their eggs in one basket, according to a report on MarketWatch.
"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."
Finman also expressed his pessimism about Litecoin, which lost 95% of its peak, claiming it is currently on the verge of extinction.
"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. "
Strangely, the teenager is actually convinced that ZCash (ZEC) and Bitcoin Cash (BCH) are both better investments than the original cryptocurrency. He said that Bitcoin Cash has a stable technology, stating that the only problem it has is poor marketing, considering the harsh August fork and the other circumstances that led to its creation.
In recent days, Bitcoin has hit a minimum of a year of $ 3,166, among analysts' reports that it could even fall below the $ 3,000 line before the end of the year. However, it has now increased to $ 3,552.
The asset has lost more than 80% of its value since last December, when it reached the record of $ 19,783. It is ironic that Finman can be so pessimistic about the chances of survival of a cryptocurrency that brought him so much wealth, but he is not the only one to see it. Stephen Innes, head of Asia-Pacific trading at the Onada commodity exchange, predicted that this bear market would trigger a massive selloff that will see the value of the asset plummet from $ 2,500.
Innes told the network at the time:
"There's still a lot of people in this game. [If Bitcoin] collapses, if we start to see a run towards $ 3000, this thing will be a monster. People will run towards exits. "
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