One of the youngest Bitcoin Millionaire, Erik Finman used his fortune to invest in an educational business. The teenager first purchased bitcoin at the age of 12 with $1000 from his grandmother. The 19 year’s old is not at all shy flaunting his achievements on his Instagram feeds. His Instagram handle has numerous photos of his ostentatious photos stepping out of private jets and lying on money covered beds. According to his recent tweet, he has advice for young people looking to invest in the cryptocurrency, which says “Find what you’re good at and find a way to make money doing it. He also wrote on Twitter. “This is crucial for young people, establishing an extra stream of income will allow you to start investing earlier.”
Finman confirmed to CNBC Make It that currently, he owns 401 bitcoins or over $4.4 million at the rate of $11,182 a coin. However, according to a report released by Marketwatch, young millionaire says “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, but long-term, it’s dead.” predicting a quite dark outlook of Bitcoin and Litecoin. He believes cryptocurrencies will end badly. He also showed his pessimism for Litecoin, saying “Litecoin has been dead for a while, 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.”
He further expressed his optimism towards “project-based” coins such as Ethereum (ETH), also adding his belief that ZCash (ZEC) and Bitcoin cash (BCH) could be better options to invest than original cryptocurrencies. Though Bitcoin cash has poor marketing but still has a stable technology.
Bitcoin has hit a year low of $3,126 in the past few days. Amid reports from financial experts predicted that it could fall even below $3000 line before the end of the year. The asset has fallen down over 80% of its worth since last December when it hit high of all time $19,783. It is surprising that Finman is so pessimistic about the chances of cryptocurrency survival which has brought him so much success and wealth.
Notable financial expert, Warren Buffett along with Stephen Innes, Asia Pacific Trading head at U.S. commodity exchange predicted that the cryptomarket would trigger a massive sell-off which will experience the value of asset plunge as low as $2500. Innes also stated that “There’s still a lot of people in this game. [If Bitcoin] collapses, if we start to see a run down toward $3,000, this thing is going to be a monster. People will be running for the exits.” Hence, not only Finman but the other crypto-millionaires and financial experts also warned against investing money into Bitcoin.
However, Erik remained optimistic about prospects and advised other young people to participate in crypto-craze. He feels that investment in cryptocurrency could be one of the fastest ways for the young generation to become wealthy.