A 25 Bitcoin token is shown in Sandy, Utah.
(AP Photo/Rick Bowmer)
When it comes to the bitcoin investor burnout, it takes one to know one.
Erik Finman, who gained notoriety after he was one of the earliest crypto-millionaires, told MarketWatch in an interview that the virtual currency that made him rich on the way to the trash.
“Bitcoin is dead, it is too fragmented, there is tons of the fight. I don’t think it will last.
“It can be a bull market or two left,” he added, “but in the long term, it is death.”
Finman was especially downbeat about Litecoin — which has fallen to 95 percent of the peak — as on the way out.
“Litecoin is dead for a while,” he said. “It is just like when the sun goes down and there are eight-minute period just before dark. Litecoin is in the seventh minute.”
In the last 24 hours, bitcoin hit a new annual low of $3,126, and some analysts believe it could fall even further below the $3,000 level.
It is almost a year ago that bitcoin was more than $18,000 and appeared the head in the direction of $20,000 — before falling back to the earth.
The volatile active is now more than 84 percent of the highlights seen during the “tulip mania” phase of a year ago.
At that time, at the end of 2017, accelerating the numbers of people were spending real dollars on computers and electricity to discover the “coins” with the help of advanced algorithms.
This story was previously published in the New York Post.