The whole cryptocurrency market has been bleeding ever since the bear stepped in, earlier this year. Along with all the cryptocurrency witnessing a drastic fall, quite similar to its drastic rise, it also drew the attention of the entire world including well-known politicians, media outlets and celebrities.
The one cryptocurrency majority of the people around the world have heard of, at least once, is Bitcoin, the largest cryptocurrency by market cap. This was solely because of the hike in its price, wherein Bitcoin almost reached $20,000.
However, the virtual currency has crushed the sentiments of its investors as the coin is now touching its lowest points from its all-time high. Today is one of the days the cryptocurrency marked another low point, wherein the coin reached over $3130.29 on Coinbase.
Apart from its price, the coin was recently in the spotlight because of a statement made by Atulya Sarin, a professor at Santa Clara University. The professor stated that the cryptocurrency is on its path to zero as it has entered the death spiral phenomenon, because of its price falling below the mining cost.
Now, an early Bitcoin adopter has stepped in and remarked that Bitcoin is dead. The person in the spotlight this time is Erik Finman, a teenager who ended up becoming a Bitcoin millionaire during the 2017 bull run. Additionally, Finman has reportedly been investing in Bitcoin since 2011. In an interview with MarketWatch, he said:
“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, its dead.”
Bitcoin was not the only currency critized by the teenage millionaire. Litecoin [LTC], the seventh-largest cryptocurrency, also joined his bandwagon, stating that Litecoin has “been dead for a while”. Finman went on to say:
“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.”
Nonetheless, he considers that cryptocurrencies which are project driven possess the potential to succeed, with his top picks being Ethereum [ETH], ZCash [ZEC], and Bitcoin Cash.
Source: https://ambcrypto-com.cdn.ampproject.or ... &_gsa=1#
