Teen Crypto Millionaire Warns That Bitcoin Is Dead In The Long-Term

Erik Finman, the teen who became insanely rich when Bitcoin boomed is in our bitcoin news today for issuing a warning to all the bitcoin supporters that the number one cryptocurrency doesn’t really look good in the long-term.

Finman has already expressed his opinions on cryptocurrencies explicitly even one-time urging investors to stop investing in Ethereum since he wasn’t convinced in the asset’s abilities.

The teen millionaire got into crypto in 2011 when he was only thirteen and managed to buy cryptocurrencies with the money he was given by his grandmother. Today, he is worth more than $4 million. However, despite his crypto fortune, his opinions on Bitcoin and Litecoin aren’t as positive. He said:

 “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.”

He also expressed his opinion on Litecoin after dropping from its peak:

 “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.”

Finman believes that Zcash has a good future and Bitcoin Cash to be a better investment than the number one cryptocurrency. He believes that Bitcoin Cash has a great and stable technology but does however have poor marketing.

Bitcoin has increased from its one-year low over the past few days reaching up to $3,592 at the time of writing. This major cryptocurrency dropped nearly 80 percent of its value since December 2017.

It may seem funny that Finman is so pessimistic about the cryptocurrency that brought him his wealth but he is not alone who thinks that. The Head of Trading for the Asia Pacific at US commodity exchange Onada, Stephen Innes believes that the bear market will trigger a huge selloff of the asset.