Teenage Crypto Phenom’s Bitcoin Price Prediction: Bitcoin Is Pretty Much Dead
A previous statement released last January by Erik Finman held on to the same bearish views on the bitcoin; he did not make those remarks at that time. Finman held on to his Bitcoin price prediction and his longstanding caution which he gave at the Marketwatch interview. A more recent version follows.
The young bitcoin millionaire, Erik Finman, who amassed his wealth during the course of the sudden hike, has warned people that the future of the bitcoin is not so bright, especially those that hold very strong views about the currency, depend on bitcoin price predictions, and rely on the popularity
Erik Finman made the news in his teenage years as a bitcoin millionaire in the beginning of 2018 when he rose from poverty to great wealth with his bitcoin BTCUSD, +5.57% story which blew him up. At an early age of 12 years, he started buying bitcoin with the handouts which his grandmother gave him.
However, the early bitcoin adopters cautioned investors from plunging in totally, and warned against making it their primary investment option. Also, they warned that the shelf life of the bitcoin, regardless of its popularity was not infinite.
Finman said, the bitcoin’s growth has plateaued, and that it is quite unstable and also that he thinks it is very close to its end. Also, he told MarketWatch that it may be able to rise again, maybe once or twice, but it basically has no potential in the future. Considering that this same person purchased the bitcoin in 2011, and watched it flip from $1,000 to over $4 million, this is a very provocative opinion.
Additionally, Finman also asserted that the Litecoin, which was founded by Charlie Lee is also reaching its end. The growth of the Litecoin has also plateaued, said Finman. The case of the Litecoin can be likened to the bleak light from the sun that is just about to set, which would be followed eventually by darkness. It’s difficult to put up an argument, and this is owed to the cryptocurrency’s performance, which dropped over 95% from its highest point and is currently at its lowest point since May 2017.
Erik Finman went on to give props to project-based cryptocurrencies, and said that they stood a better chance to be successful in the market, particularly Ether ETHUSD, +9.00% and ZCash. He also added that Bitcoin Cash BCHUSD, +15.93% possessed an amazing technology, however, it lacks proper marketing by the developers.
One may begin to think of the reasons for the rather bearish outlook for digital currencies. A major cause is the advantage which the Wall Street crew has over the Crypto community, they possess all the hooks and lobbyist, Finman asserted.
However, the only person with the chance of defeating the bankers is the New York-based businessman. He said, “I’m better at this kind of stuff than other millionaires.” They are oblivious of how the system works, and thus they’re unable to work it. They have the technical knowledge, and I have more than that, he added.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.