The cryptocurrency market has been in the news for quite some time, drawing attention from all walks of the life including politicians, celebrities, and media outlets. Since the beginning of the year, the whole crypto market is witnessing a decline with downfall only intensified from November onwards. In fact, the fall in the Crypto valuation can be considered as dramatic as its rise last year when Bitcoin (BTC) touched almost $20,000 mark.
Bitcoin status
Among all the cryptocurrencies, BTC is the one which is most talked about and quite popular among the investors. It is the largest cryptocurrency by market capitalization and also at one point in time, it created history by almost touching $20,000. Today, however, its value has plummeted to an all-time low with the coin touching its new low of $3,130 on CoinBase.
Prediction of Bitcoin’s future
Besides the value, Bitcoin was in the news as Atulya Sarin, a faculty at Santa Clara University, commented that its value will ultimately reach to zero. The professor said that Bitcoin has entered a death spiral and on its way to become a dead currency because the prices of the coin have fallen below its mining cost.
Another extreme comment on the value of Bitcoin has come from Erik Finman, a teenager who became millionaire during the Bitcoin’s bull-run in 2017. Finman has declared that Bitcoin is dead and although there could be a or two bull-run left in it, the long-term potential of Bitcoin is zero. He attributed factional infighting and too much of fragmentation behind the Bitcoin’s bleak potential to recover in the long term.
Not only the Bitcoin, Finman also remarked that Litecoin, the seventh-largest cryptocurrency, has also been dead with little hope of recovery. Evoking the analogy of a Sun and its eight-minute time before it gets dark, the teenage millionaires declared that Litecoin is already dead and will not last long. That said, Finman shows confidence on the cryptocurrencies that are project- driven and picks Ethereum, Bitcoin cash, and ZCash as the cryptos to bet on in future.
