Erik Finman, the teenage cryptocurrency millionaire stated, in an interview with MarketWatch on 17 December, that Bitcoin [BTC] “is dead,” and that “it won’t last.”
Back in 2011, Erik Finman invested in Bitcoin, when the top crypto was priced at just $12 a pop. He went on to invest $1,000 given to him as a gift by his grandmother, which eventually became $4 million during the infamous December 2017 bull run, which saw BTC’s price near $20,000.
The early investor entered into a bet with his parents that if he becomes a crypto-millionaire before he turns 18 he could opt out of going to college.
However, despite achieving fame and fortune by investing in the decentralized world, Finman does not believe that the coin holding 54 percent of the market will survive. In his interview, he states that “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.”
Finman also spoke about Charlie Lee’s Litecoin [LTC], which he believes is also nearing the exit-doors. He stated, “Litecoin has been dead for a while. It’s like when the sun is going down and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.” Despite its recent ascendance both in price and in position, the altcoin has been plummeting since the start of the year, and is now at its lowest point since May 2017.
The ones that have the best chance of survival, in Finaman’s opinion, are crypto based around projects. He picked Ethereum [ETH] the now 2nd top-altcoin in the market, Zcash [ZEC] a recent addition to Coinbase Pro and Bitcoin Cash [BCH] which underwent a hardfork that anchored a market meltdown, as strong survivors. He further added that the aforementioned cryptos have great technology but they have not been marketed well.
Wall Street with its large financial institutions has always had a skeptical view of the crypto realm. Finman believes Wall Street has “all the hooks and lobbyists,” but that he is, “better at this kind of stuff than those millionaires,” and that, “They don’t know how to work the system, they’re nerds. I’m more than that.”
Bitcoin [BTC] has pushed above the $3,500 mark and is at long last trading in the green after a week of bearish movement which saw the collective market cap languish below $103 billion. However, the coin has dropped by over $3,000 since the beginning of November, dragging the rest of the market with it, according to CoinMarketCap.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Gamecointalk.