A teenage crypto millionaire named Erik Finman, who became rich through the Bitcoin boom, has warned Bitcoin maximalists about the bleak long-term outlook of the currency. Finman is known to bash cryptocurrencies. He revealed in 2017 that he wasn’t persuaded concerning Ethereum, encouraging investors to go short with regards to the cryptocurrency.
Optimism Turns Pessimism
Erik has been a participant in the crypto market since 2011, and he purchased cryptocurrency at the age of 13 with the money his grandmother gave to him. Currently, his worth is about $4 million. Anyway, his outlook towards the future of Litecoin and Bitcoin has become dark, and he is passing across this dark outlook to prospective investors, warning them that placing all their eggs in one basket is a wrong move, as reported by MarketWatch.
“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last… It may have a bull market or two left in it, but long-term, it’s dead.”
Finman was also pessimistic concerning Litecoin, which has fallen by 95% from its previous value, stating that the currency is about to be phased out.
“Litecoin has been dead for a while,” he said. “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.”
Bitcoin Cash and Zcash- the New Champions?
As strange as it is, Finman is confident that Bitcoin Cash (BCH) and Zcash (ZEC) are better choices for investment more than the original digital asset. He opined that poor marketing is the only problem of Bitcoin Cash, especially when its creation circumstances and the August hard fork are put into consideration, and that its technology is a stable one.
A few days ago, Bitcoin’s price reach $3,126, a one-year low, even as analysts report that before the year ends it could go lower than $3,000. Anyway, it has risen to $3,550.
The value of the asset, since last December, has gone down by more than 80%, when it rose to $19,783. The irony of Erik’s statement is not lost because it is this same cryptocurrency that made him rich, but the truth is that there are others who share his view. U.S commodity exchange Onada’s Head of Trading for the Asia Pacific, Stephen Innes, foretold that there will be a massive selloff as a result of the bear market and that the asset value will come down to $2,500.
At the time, Innes said:
“There’s still a lot of people in this game. [If Bitcoin] collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.”