Teen Bitcoin Millionaire Erik Finman Proclaim Bitcoin Is ‘Dead’ in the Long Term

[Cold_Zero]

Teen crypto star Erik Finman has said Bitcoin (BTC) “may have a bull market or two left in it,” but that “long-term, it’s dead,” in an interview with financial news site MarketWatch on Dec. 17.

Finman is famous for his precocious investment in Bitcoin back in 2011, when he reportedly bought in — at the age of twelve — at $12 a coin. The high schooler’s $1,000 gift from his grandmother thus became over $4 million during the cryptocurrency’s 2017 all-time price highs. Finman sealed further fame by notoriously winning a bet with his parents that if he became a crypto millionaire before the age of 18, he could opt out of going to college.

In his interview with MarketWatch, the still-teenage Finman remarked, “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.” He gave a similarly grim forecast for Litecoin (LTC), the altcoin founded by Charlie Lee:

“Litecoin 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. Litecoin is in its seventh minute.”

More optimism went to “project-based” coins such as Ethereum (ETH) and anonymity-oriented token Zcash (ZEC), with Finman reserving positive comments for Bitcoin Cash (BCH) — notwithstanding its recent controversial hard fork — affirming his belief in the coin’s technology.

The teen also reportedly railed against “the hooks and lobbyists” of Wall Street; buoyed by his early success, he told MarketWatch, “I’m better at this kind of stuff than those millionaires. [...] They don’t know how to work the system, they’re nerds. I’m more than that.”

According to Cointelegraph’s price indexes, as of press time Bitcoin is trading at $3,611 — up 10 percent on the day but down more than 36 percent on the month. Litecoin is up over 16 percent on the day to trade at $30 but has shed over 30 percent in value on its monthly chart.

As previously reported, Finman’s quirks include allegedly going to Mexico to safely stash away the hard disk with the private keys to his crypto wallets — in the vein of characters from the popular TV series Breaking Bad. He has also spoken of plans to purchase a Lamborghini with a personalized license plate corresponding to his average grade point in high school — 2.1 — although he never graduated.

Via: Cointelegraph

[PRIBO247]

I wonder his reasoning behind his statement? To me, it smacks of ingratitude! A coin you bought in 2011 at $12 and 6 years later, the same coin got you $4m making you an instant millionaire. Now you see that same coin as not valuable in the long term.