Erik Finman is a bitcoin millionaire and said that bitcoin might have two more bull-runs in it. However, bitcoin is “dead” long-term, Finman said during an interview with Marketwatch on December 17th.
The bitcoin millionaire teenager: bitcoin is dead
There are many bitcoin millionaires, and Erik Finman is one of the younger ones. At the age of twelve, Finman received a gift of $1,000 from his grandmother. He used the money to buy 403 bitcoins during 2011. The small investment became over $4 million during the bull run 2017 when the cryptocurrencies peaked. He even won a bet against his parents that if he became a crypto millionaire before the age of 18, he could drop out of school. He became a superstar overnight as the price of bitcoin rose.
In a recent interview with Marketwatch Finman warned bitcoin (BTC) believers that the long-term outlook is not looking very good. Putting all your eggs in one basket is a mistake since bitcoin probably will not survive in the long-term. He says:
“Bitcoin is dead; it’s too fragmented, there’s tons of infighting I don’t think it will last. It may have a bull market or two left in it, but long-term, its dead.”
However, at the end of 2017, Finman said that bitcoin was a great investment. When he bought something with the most famous crypto, he multiplied the sum with ten because he thought bitcoin would be worth that in the future. A year later he turned negative towards bitcoin.
Bitcoin is dead – which cryptos are not?
Finman argues that Litecoin (LTC) has a bleak future as well. Charlie Lee created the cryptocurrency, and now it does not have a long time left according to the teenager. “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.” And it’s hard to argue, the cryptocurrency is down more than 95% from its peak and it at its lowest level since May 2017.
However, the project-based project has the greatest chance of survival. He chose Ethereum, ZCash and added Bitcoin Cash as well. Bitcoin Cash has great technology, but the team is not marketing it very well.
Erik Finman is very confident of his knowledge in the space. He argues that he knows how to play this game better than the bankers on Wall-Street.
“I’m better at this kind of stuff than those millionaires,” he said. “They don’t know how to work the system; they’re nerds. I’m more than that.”
Even though Finman is negative of the future of bitcoin, many bitcoin billionaires do not share the teenager’s sentiment. The hedge fund billionaire Marc Lasry is positive that bitcoin will touch $40,000. Thomas Lee predicts that bitcoin will hit $25,000 in 2018 and the chance looks slim when seeing the price today. Draper stated a few months ago that bitcoin might reach $250,000 in the future. There are many more that made predictions like these and just as many “experts” are bullish as “bearish.”
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Dennis Sahlström has been trading and investing since 2012 and has for the last two years been consistently profitable. He has been in the crypto- and blockchain space since the middle of 2017 and realized its potential for our world, not least how it is transforming the society we live in. He has now created an education platform, together with the wealth coach Marcus the Maria. They teach regular people how to invest and trade in the cryptocurrency market with proven strategies. If you want to learn more and feel like its time to get into this new asset class, download our free book and register to the next live training to get your future in cryptocurrencies started.