When you first heard the story of high school dropout turned Bitcoin millionaire Erik Finman last year, you probably rolled your eyes. If you didn’t you weren’t reading hard enough. Anyways, he’s back in headlines again, this time to warn everyone that Bitcoin is dead.
Finman spoke with Market Watch about his opinions on cryptocurrency earlier today. The high school drop out, famous for buying a stash of Bitcoin at US$12 and selling it for a $4 million (we don’t know if this after taxes or he paid them), warned media that Bitcoin is dead. He also used a fancy analogy to describe his views on Litecoin: it’s like it is a sun set and there is a minute or so left before total darkness. The self-proclaimed, guru, icon, genius, etc. did indicate that he thinks Bitcoin Cash has pretty good tech, hinting it should outlast Bitcoin.
If you remember at the absolute height of the bull market, playboy Billionaire Dan Bilzerian bet big on cryptocurrency. This has since played out as the single best indicator of the top for the markets. Similarly, Erik Finman’s rejection of crypto could signal that the bottom is in. Alongside countless redditors who bought the top, media outlets that touted crypto in January, and eternal skeptics calling for the end since 2013, Finman joins a group with an impressively terrible track record on price predictions.
The interview was posted as Bitcoin tumbled to $3,100 on BitMEX. It has since rebounded slightly to $3,200 on the derivatives exchange, and trading several dozen bucks higher across other exchanges. If Finman truly does signal the bottom, his published interview timed it perfectly.
For his prediction to be perfectly wrong, his picks for “top tech” projects would also have to be off the market. He pointed to Ethereum, ZCash, and Bitcoin Cash as his top three. Of course, Bitcoin Cash has been dumping as we all expected. Hopefully Finman cashed out his fortunes instead of hodling some in BCH. ZCash only goes down in value, so that’s a likelihood too. ETH may be tricky, but it has a lot of challengers looking to usurp the throne.
Anyways, it seems to just make too much sense that the guy who posts countless pictures of designer accessories, stacks of cash, and foreign cars would be perfectly wrong in the same way that Bilzerian, who does the same, was around this time last year. If this is the case, then strap in, because blast off to the moon is right around the corner.