Erik Finman,the famous millionaire deriving wealth from his investment in cryptocurrency, has expressed his diminishing faith in the future of Bitcoin [BTC]. This teenage crypto enthusiast was among those few people who showed interest towards the decentralised world in its initial phase. However, the recent MarketWatch interview held on 12 December echoed a different tone when Erik commented that Bitcoin [BTC] “won’t last” in the long run and “is dead.”
From the very beginning, the financial institutions of the Wall Street were dubious about the potential of this industry. However, he estimated himself to be ‘‘better at this kind of stuff than those millionaires,”, even though Wall Street has “all the hooks and lobbyists.” He is sceptical about their knowledge on how the system functions as ”they’re nerds. I’m more than that.”
The persistently poor market performance of the top most digital asset played a pivotal role to tumble the teenager’s confidence. Going by CoinMarketCap data, the value of Bitcoin [BTC] fell over $3,000 since last month, which eventually impacted the other altcoins, getting them locked in downtrend. Despite, the coin acquires 54% of the total market value still he felt that ”it’s too fragmented, there’s tons of infighting I just don’t think it will last.”
Likewise, he expressed a similar opinion about Litecoin [LTC], which ”has been dead for a while. It’s like when the sun is going down and there’s that eight-minute period just before it goes dark.” Even at a time when the market is recovering pulling up the performance, price and position of the virtual currency, Litecoin [LTC] has experienced massive losses from its market cap since the early phase of 2018.
Erik’s relation with Bitcoin
Erik’s relation with Bitcoin goes back to 2011 when one BTC worth $12. He invested $1,000 on this premium digital currency after he received the amount as a gift from his grandmother. As the Bitcoin price recorded its highest mark nearing $20,000 last year, he emerged as a $4 million holder. Interestingly, he challenged his parents that if he could turn into a millionaire out of his investments in cryptocurrency then he would opt out of his college
In the recent interview, he expressed his positive opinion about certain virtual assets such as Ethereum [ETH], the second most valuable digital asset and Zcash [ZEC]. The coin has recently been listed to the Coinbase Pro trading platform. Also he is optimistic about Bitcoin Cash [BCH] that experienced a hardfork last month.