Erik Finman, the teen crypto millionaire has made some bold statements about bitcoin’s current issues. He went as far as to say that the first cryptocurrency might die if its issues are not swiftly resolved.
Finman told Yahoo Finance that there are four major issues which are currently plaguing bitcoin. He believes that complexity, high transaction fees and slow process speed are the first three technical issues. The teen crypto millionaire believes that the terrible relations between the development teams is the 4th issue which might be the worst one of all.
Finman has been discussing bitcoin’s issues for quite a while.
If Bitcoin wants to not die it needs more than speculation:
1. Solve Speeds
2. Solve Transaction Fees
3. For the ppl working on the above to stop being cultish
4. Have an EASY on ramp for new users —this is the biggest problem
I’m getting so irritated I might just fix it!
— ERIK FIN (@erikfinman) May 16, 2019
He allegedly purchased his first bitcoin back when he was 12. After receiving $1000 from his grandmother, Finman began purchasing and trading cryptocurrencies. He is now 20 years old and has grown his current bitcoin holdings to just over 450. With today’s bitcoin price, his bitcoin holdings are worth almost $3.6 million.
The teen crypto millionaire wasn’t optimistic about bitcoin remaining as the top cryptocurrency. He stated that the competition for bitcoin will become better and a lot of improvements are required to remain at the top.
The teen crypto millionaire has questionable reputation
Finman has made many questionable statements over time and has lost a lot of the credibility he initially gained when he rose to fame.
Last year, he stated that Bitcoin is “pretty much dead” and people should be hopeful about Bitcoin Cash. Back before the bull run of 2017, he also stated that Ethereum is useless and investors should instantly get rid of it.
Many people do not agree with Finman’s support of Bitcoin Cash, especially with the recent developments. The teen crypto millionaire however, believes that along with Bitcoin Cash, Zcash has a very good chance of success.
Despite his many criticisms of bitcoin, he remains almost fully invested into bitcoin. He shows no signs of planning to change his main investment and is set to hodl for the near future. It’s very likely that during the next bull run, Finman will attempt to get rid of his bitcoins.
Will he make a colossal, life-changing mistake? Probably. Only time will tell if the story of this teen crypto millionaire will be a success story or one of the many lessons against arrogance and ego.
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