but Cryptocurrencies will prevail, according to bitcoin’s teen millionaire.
On December 17th, Erik Finman—a Bitcoin millionaire made from his investment at the age of 12—said that Bitcoin “is dead in the long-term” during an interview conducted by MarketWatch, the famous financial news website.
During the Interview, he revealed several important insights regarding the future of cryptocurrencies, talking about the coins he believes will prevail and which will probably disappear.
He pointed out why he thinks Bitcoin and Litecoin will “die out” and why others will prevail in the future.
Bitcoin and Litecoin May Disappear In The Long-Term.
The highlight of the interview, without a doubt, was his statement about Bitcoin.
During his time, he explained that Bitcoin may have some time left, perhaps even a couple of uptrends in the medium-term, but ultimately, “Bitcoin is dead”. The reason given for this by Finman is that there is too much “infighting” inside its community.
The previous statement is true, given the many forks Bitcoin has had, the most controversial being Bitcoin Cash. Since the introduction of the SegWit technology and Lightning Network, many members of the community have shown their unhappiness with the crypto coin, and this may be the main reason for its continuous downfall in 2018, which has also been its most troublesome year.
He also had an additional statement, that Litecoin was going down the same road as Bitcoin. Finman was quoted as saying that the coin has been “dead” for some time now, and that it is just a matter of time before it disappears.
While reports do not seem to point out any strong argument about the “dying nature” of the coin, it may be because of the overall bearish sentiment, including its creator selling off his coins.
Which Cryptocurrencies Will Survive The Current Market?
His interview was not only grim quotes about the crypto market. He did have good things to say about the largest part of the market.
Mainly his outlook was that, while Bitcoin and Litecoin will most likely disappear, the majority of the biggest coins right now will not do so. He had possitive opinions on project-based crypto coins, like NEO, Cardano, or Ethereum, as well as Zcash and Bitcoin Cash, due to their underlying technology.
Such comments were most likely based on the fact that these are currencies used for more than simply “storing value”.
The issue with Bitcoin is that people are using it as digital gold, which is the opposite of what it was conceived as, but project-based coins are used to get access to a platform that allows for much more than just a medium of exchange.
Said coins have their actual value backed by their usefulness and not just trust; the productivity of their underlying platform is directly translated to the price of its native coin.
The same goes for Zcash and Bitcoin Cash, the latter of which has an inner controversy that Finman seemed to ignore. The technology behind them and their efficiency at what they were supposed to do (as well as the community understanding that) justifies their value.
Erik Finman: The Youngest Bitcoin Millionaire.
Finman became an early investor back in 2011, when he was just twelve. He invested $1,000 he received as a gift from his grandmother back when Bitcoin was worth $12 per unit. Today, he is known as the youngest Bitcoin millionaire, and he constantly references the fact that he quit high school (averaging 2.1 in grades) and a bet he made with his parents that he would be a millionaire by the time he was 18.