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Erik Finman, "Teenage Bitcoin Millionaire"
Erik Finman is probably a name you heard in the tradition of crypto. If this name does not ring bells, here are some background on this almost mythical figure in the history of Bitcoin.
As revealed in a video Buzzfeed News published on Youtube, which collected 5.9 million views in its duration of a year and a half, Finman was in the past an average American teenager with dreams of greatness and a wild hatred for college. Because of his hatred of higher education, his parents decided he would not have to go to college, only if he was worth $ 1 million for 18 years.
So when $ 1,000 was given to Finman by his grandmother to start a college fund, then he decided to play his cards in a risky way. This, of course, was an all-in allocation in Bitcoin (BTC), worth ~ $ 2.5 per piece at the time of purchase.
Speaking with Buzzfeed, Finman, who currently resides in a high tower in New York, has revealed the reasoning behind this one-off investment. He explained that before his grandmother's gift, his brother, who also saw $ 1,000 arrive, had begun to dabble in cryptocurrencies. The adopter of the first hour has followed the example, discovering interest in cryptocurrencies and, as now is rooted in the immortal stone of the Internet, has bought 403 BTC.
With funds raised, which reached a maximum valuation of $ 8 million at the end of 2017, since then it has purchased a flashy condominium in New York, one of the most expensive real estate markets in the world, and has financed and participated in numerous innovative startups, including a project centered on the most recent satellite.
From what Ethereum World News can collect, Erik has not disclosed how much BTC has sold, at what price, and subsequently, how much it has directly profited from its investment.
Change of heart?
Yet, by talking to MarketWatch, the now-a-millionaire entrepreneur has hinted that he could have liquidated his entire cryptocurrency portfolio at Fiat, probably to finance his ambitious initiatives. In an interview at the financial outlet, Finman exclaimed that putting too many eggs in one basket, namely cryptocurrency, could produce dismal results.
He clearly said that "Bitcoin is dead", adding that the fragmented nature of the crypto community, made evident by the Bitcoin Cash fork, could mean the end for good … in the end. Finman noted that while he could see that BTC was still in an upward trend, it is likely that the asset will fail over the long term, presumably due to the theory that Bitcoin was unable to keep up with the rapidly expanding value of blockchain.
Finman then bombed Litecoin, explaining that the project is "totally dead for a while", comparing the resource to the setting sun when it is about to go under the horizon.
In closing, he told MarketWatch that he expects the project / platform cryptocurrencies to continue long-range operations, drawing attention to Ethereum (ETH) and ZCash (ZEC).
Regardless, his investment in the world's first cryptocurrency has probably completely changed his life as Finman has undertaken a series of initiatives, as already mentioned, while catalyzing the growth of his social media.
Cemetery Title Image courtesy of Echo Grid on Unsplash
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