He made millions off the back of Bitcoin’s rise – but Erik Finman thinks its day is all but done…
The story of Erik Finman is pretty legendary in cryptocurrency circles. He’s the person who was given a gift of $1000 by his grandmother, that he invested in Bitcoin, As a consequence, he invested that money in Bitcoin, and saw a return of $4m on it come the end of last year. He became a teenage millionaire off the back of it.
But for someone who’s made his made via Bitcoin, he’s utterly pessimistic as to where the cryptocurrency is heading next. In fact, in a new interview with MarketWatch, Finman was adamant: “Bitcoin is dead”.
He added that “it’s too fragmented, there’s tons of infighting”, and that “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”.
Not just Bitcoin, either. Finman reckons that Litecoin is long dead as well, and that it’s in the period “just before it goes dark”.
On the plus side, Finman isn’t pessimistic for the entire market. He argued that the likes of ZCash and Ethereum are still worth backing, choosing to focus on cryptocurrencies that are backed by some kind of project.
Experts have been mixed – for a change – since the price of cryptocurrencies started collapsing just over a month ago. It’s felt on the whole that $3000 is a natural floor for Bitcoin, but still, those predicting a rebound in cryptocurrency prices haven’t seen it yet. It may be a while yet before we find out which expert – Finman included – has called this one right…