Teen Crypto Millionaire Erik Finman Says Bitcoin is Dead Due to Community Fragmentation
The bear market that affected the whole crypto industry seems to have reached everyone in the space. Erik Finman, one of the youngest Bitcoin (BTC) millionaires said that Bitcoin is dead. This young investor placed $1,000 in Bitcoin back in 2011 and had around $8 million when the market was close to $20,000.
According to an article released by MarketWatch, Erik Finman said that Bitcoin is dead, too fragmented and a lot of infighting.
About it, Finman commented:
“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.”
Nevertheless, this is not the first time that he says that Bitcoin would not have a good future. Back in January, he told CNBC that he believes that cryptocurrencies will come to a bad ending.
He has also talked about other virtual currency, Litecoin (LTC). He said that this virtual currency has been dead for a while. Since its all-time high, Litecoin has lost around 95% of its value and the market could continue falling.
Furthermore, Finman talked about ZCash (ZCash) and Ether (ETH) that are virtual currencies that have a project behind, compared to others. These digital assets have the best chances of surviving the bear market.
The teenager was able to purchase around 403 BTC in 2011, something that changed his life completely. With the funds, he purchased an apartment in New York and has also participated in many different innovative startups.
Bitcoin is currently being traded around $3,200 and it has a market capitalization of $55 billion. One year ago, Bitcoin was traded close to $20,000. Since that moment it has lost around 84% of its price.
Bitcoin could keep falling before starting to grow once again in the future. However, there are some events that could help the price of the popular cryptocurrency to start growing. The Bakkt platform for institutional investors will be deployed the next month. At the same time, the U.S. Securities and Exchange Commission (SEC) could approve a Bitcoin Exchange-Traded Fund (ETF) in February 2019.
There are also other experts such as the CEO of Bakkt, Kelly Loeffler, that believe that cryptocurrencies are here to stay.