Shkreli, who was introduced to the stock market at an early age, was born in 1983 to a family of Albanian descent, and in 2012 managed to enter Forbes' list of 30 billionaires under the age of 30. He also started the mutual fund MSMB in 2009 and founded Retrophin in 2011 and served as the CEO of the company until 2014. In 2015, he founded Turing Pharmaceuticals, which will be involved in the fraud scandal, and KaloBios Pharmaceutical.
Martin Shkreli, one of the prominent fund managers at one time, mentioned in a recent interview that two altcoin projects will achieve great success in the cryptocurrency market.
In his statement, Shkreli stated that he is optimistic about Ethereum (ETH) rivals Solana (SOL) and Algorand (ALGO) and follows the developments closely.
While Shkreli claims that in five years Solana will set surprising new records, he believes SOL and ALGO will "peek" at Bitcoin's market share and competitiveness.
Solana has become one of the fascinating breakout stars of the cryptocurrency world. According to many analysts, SOL could potentially be the Ethereum of 2022, although the project has its downsides. Solana's record speed gives the project a serious advantage over its competitors, with more developers switching from Ethereum to Solana as a result. According to the former fund manager, Solana, like all cryptocurrencies, will likely face more volatility in 2022. However, if it manages to overcome its security issues, SOL could become a strong competitor to Etehreum in the cryptocurrency market.
"Won't Be Surprised If Ethereum Overtakes Bitcoin."
Martin Shkreli also said that Ethereum will surpass Bitcoin in terms of market cap. Pointing to the updates and projects in the ETH ecosystem, Shkreli claimed that this event, which seems impossible at the moment, would not be surprising.
In the past weeks, Bloomberg analyst Jamie Coutts mentioned that according to the discounted cash flow model, the ETH price could reach $ 6,100 levels. Coutts pointed out that Ethereum has “a unique mix of equity, commodity and monetary features.”
"Bitcoin Does Not Have A "Sustainable" Ecosystem"
When it comes to Bitcoin, Shkreli believes that the leading cryptocurrency will not survive in the long run. The manager stated that he has no hope for Bitcoin in the long term and that the predictions of the experts in the market do not reflect the truth. Noting the updates and innovations in projects like Solana and Algorand, the fund manager added that Bitcoin is not a “sustainable” ecosystem.
Who is Martin Shkreli?
Martin Shkreli, who has been trading on the New York Stock Exchange since the age of 19 and is considered one of the biggest fraudsters in the world, was sentenced to 7 years in prison. The sentence of the notorious Shkreli, who was declared the most unpopular man in the USA, had a great impact in the world press.
Because the fraudster had become a name known to the whole world by increasing the price of the drug called Daraprim, which is vital for AIDS patients, from $ 13.50 to $ 750, and similar accusations. Shkreli, who made this absurd hike while he was the CEO of the pharmaceutical company Turing Pharmaceuticals, later became famous for his disrespectful and careless attitude.
Shkreli, who became a name known to the whole world with the fraud scandal he was involved in, was declared the most hated man of both Wall Street and the USA.