Erik Finman, a teenager reportedly who became a millionaire during the bitcoin downfall, recently said “Bitcoin is almost dead” and the long-term view is bleak.
When the teenager was thirteen years old, he initially invested in crypto with a gift from his grandmother. Currently, he has up to four million dollars worth crypto. Earlier in 2018, he made headlines as a teenager, when his rags to riches Bitcoin tale made him an overnight celebrity.
Erik always has a habit of bashing crypto assets, back in the year 2017, he told Mic that he was not convinced about Ethereum and its price struggles, insisting investors to go short on the crypto asset.
However, Erik is now giving a very dark view to the future of Litecoin and Bitcoin warning potential investors that putting all their earnings in one basket is a mistake that the world’s largest cryptocurrency has a finite shelf life.
He further added that Bitcoin is pretty much dead and there is tons of inside dispute and he doesn’t think it will last long. He also said that it might have a bull market or two left but it is definitely not for long-term.
Another cryptocurrency at which Erik also expressed pessimism is Litecoin, which he believes is on its way out. Litecoin has reportedly plunged 95 percent from its all-time high in May 2017.
Erik opined that Litecoin has been dead for a while and he said that for instance, it is like when the sun is going down and there is that eight-minute time just before it goes dark. And he believes Litecoin is in its seventh minute to collapse.
Positive Stance for BCH and ZCash
Surprisingly, the teenager actually believes that Bitcoin Cash (BCH) and ZCash have the best chance of success than the original cryptocurrency. He also said that BCH has a stable technology and the only issue is that the developers have done a bad job at marketing it.
However, for the last couple of days since Bitcoin hit its one year low of $3,126. Currently, it is trading at $3,554, amidst the predictions from the analyst that the Bitcoin price could fall even low before the year-end.
The world’s largest cryptocurrency has lost over eighty percent of its total value since December last year when it hit an all-time peak. But, it is a hot take from the teenager who had earned so much wealth with the Bitcoin at the time when it was at its all-time high.
However, he is not alone at his dark outlook towards Bitcoin and Litecoin. Stephen Innes, the head of trading for the Asia Pacific at the U.S commodity exchange Onada also predicted that this extended bear market would see a huge selloff that will let the price crash as low as $2,500.