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Erik Finman, who became a millionaire millionaire teenager during the mad rush to $ US20,000, warned the bitcoin maximalists – believers in the world's best-known cryptocurrency – that long-term prospects are desolate.
At the start of 2018 Finman became a fan of the titles when his rags and his bitcoin riches made him a superstar overnight. 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," said Finman, now 19-year-old MarketWatch. "He could have a bull market or two left, but in the long run, he died."
This is a hot take coming from a guy who bought bitcoins in 2011, turning $ US1000 into more than $ US4 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 setting and it's that eight-minute period before it goes dark." Litecoin is in his seventh minute. "
And it is hard to argue, the cryptocurrency has fallen more than 95 percent from its peak and is now at its lowest level since May 2017.
Finman said that project-based cryptocurrencies have the best chance of success, with his group choices being Etherand ZCash, adding that Bitcoin Cash has great technology but developers have done a bad job in marketing.
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."
This article originally appeared on MarketWatch and was reproduced with permission.
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