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- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
As an entirely new and disruptive burgeoning industry, crypto grows and cultivates quite a lot of fascinating (and odd) mini-celebrities. One of these figures is the ‘teenage Bitcoin millionaire,’ Erik Finman. When he was 12 in 2011, Finman invested $1,000 he had received as a gift from his grandmother in Bitcoin; this investment has apparently blossomed alongside Bitcoin, making Finman a millionaire before he could even legally drink.
Fast forward to today, Finman doesn’t seem to be too optimistic about Bitcoin anymore. In an interview with MarketWatch, he expressed his gloomy outlook regarding the largest cryptocurrency.
“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last,” Finman told MarketWatch. “It may have a bull market or two left in it, but long-term, it’s dead.”
Dead, fragmented, infighting, and then dead again… I think that Nouriel Roubini just might have found his new BFF. But Finman did not stop just at Bitcoin – he went on to bury another prominent cryptocurrency, Charlie Lee’s Litecoin.
“Litecoin has been dead for a while,” he said. “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.”
And you thought that Finman’s future vision of Bitcoin was bleak.
So which digital currencies Finman does view as potentially flourishing in the future? Finman picks three: Ethereum, ZCash and Bitcoin Cash which apparently has great technology but suffers from bad PR.
Before you sell your entire Bitcoin stockpile and rush to buy ZCash instead, you need to ask yourself a few very simple questions: Should you listen to someone just because he’s rich? Should you listen to someone just because he made a great investment in the past? Should you listen to someone just because he publishes cool (or quite douchey, your call) photos on his Instagram page?
Perhaps the right choice for you would be to sell Bitcoin, but don’t do it just because some guy says so (impressive as he might appeal to you). Do it because you thought about it by yourself after making your own analysis, research and due diligence.