One of the youngest Bitcoin(BTC) millionaire, Erik Finman, expressed bleak prospects for the world’s most popular cryptocurrency, Bitcoin. Erik almost shocked the crypto community by stating “Bitcoin is pretty much dead”.
According to a news report by MarketWatch, Erik believes that there is lack of cohesiveness and suffers from peer fighting among Bitcoin high profilers. These factors are no doubt major letdowns that can cripple any industry or venture.
“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.”. However, this is not the first time that Erik has seen dire future, in January this year he told CNBC the same negative news.
Erik also believes that Litecoin is on the downward spiral and does not show good prospects. Regarding this he said, “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.”
As an interesting aside, much of the infighting in the Bitcoin space has died down since the August hard fork last year. This eventually led to the creation of Bitcoin Cash.
This amazing development came when some pioneers of the crypto community gave up their positions to support and use the offshoot currency. They were arguing for scaling by increasing the size of blocks.
Being rather strange, Erik said that Bitcoin Cash is a better bet than original Bitcoin. He feels that Bitcoin Cash is backed by wonderful technology but has a lousy marketing strategy.
Erik’s comments have evoked mixed feelings among a large number of people and his emphasis to favour Bitcoin Cash over Bitcoin. This confusion has been further aggravated by the fact that Bitcoin Cash has undergone uglier hard fork and has suffered threats of 51% attacks.
Many experts and reports believe that Erik may not be paying attention to the latest happenings. Ever since his net worth reached seven figures, Erik has become overconfident and holds no authority on his detached statements.
Erik Finman’s story is the typical rags to the riches success story. He became a millionaire in his teens by investing in Bitcoin, that his grandmother had gifted him, beginning as early as 2011.
I personally believe that we should never take a stance on upcoming technologies that have not yet matured. Cryptocurrencies are a boon and once standardization is in place, we will see healthy adoption by a good number of people.