When it comes to investor bitcoin burnout, it takes one to know one.
Erik Finman, who gained renown after becoming one of the earliest crypto millionaires, told MarketWatch in an interview that the virtual currency that made him wealthy is headed to the trash bin.
“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,” he added, “but long-term, it’s dead.”
Finman was especially downbeat about Litecoin — which has fallen 95 percent from its peak — as being on the way out.
“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.”
In the last 24 hours, bitcoin hit a new yearly low of $3,126, and some analysts believe it may fall even further — below the $3,000 level.
It’s been nearly a year since bitcoin surpassed $18,000 and appeared headed toward $20,000 — before falling back to earth.
The volatile asset is now off more than 84 percent from the highs seen during its “tulip mania” phase of a year ago.
At that point, in late 2017, accelerating numbers of people were spending real dollars on computers and electricity to uncover the “coins,” using advanced algorithms.