On December 17, on a day when a year ago bitcoin hit the all-time $19,000 record, the «big daddy» rebounded to $3,595. This is the highest result for bitcoin within the past week. Since 2017 peak BTC lost 80% of its value, and while some experts believe the coin will still be able to hit $150,000, it might not necessarily be the case.
At least, that’s what one of the youngest bitcoin millionaires Erik Finman opines. In a recent interview, Finman claimed that in a long-run bitcoin is «dead».
No More Hope for «Big Daddy»?
In a conversation with MarketWatch journalist, teen crypto-celeb Erik Finman said the first cyber-coin “may have a bull market or two left in it.» However, added he, in a long-term perspective, there are no chances for it — «it’s dead» — said the young investor.
«Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last,” argued Finman.
Finman is famous for piling in BTC at the age of 12 when the coin cost only $12. He got $1,000 as a gift from his grandma and invested it all. Last year December, when bitcoin went as high as $19,475, the teen became a millionaire with $4 million worth bitcoins in the pocket. Interestingly, previously he had bet with his parents that if he turned into a crypto-millionaire before 18, he could refuse to go to college.
Predictions for Altcoins
Finman believes the same will apply for Litecoin. As of writing, Litecoin is trading at $28.97, which is 3.73% higher than 24 hours ago. Litecoin holds the title of the seventh most valuable crypto-coin. However, Finman said, it has been «dead» in fact 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,” said the youngster.
Nevertheless, Finman appeared to be more bullish with regard to Ether, Zcash and Bitcoin Cash (even despite the controversial hard fork of the latter). The young investor confirmed his belief in the technology behind cryptos. He also highlighted that unlike «those millionaires» who are «nerds,» he knows «how the system works.»
More on Finman
Apart from being known for betting with parents about becoming crypto-millionaire, Erik Finman is known for other oddities. For instance, as Cointelegraph reports, he once talked about buying Lamborghini with a personalized license plate conforming to his high school average grade 2.1. According to CNBC, he never actually got his GED. The youngster blamed the education system for being «structured» and thus useless. He also reportedly went to Mexico to hide the hard disk with keys to his crypto wallets.