Erik Finman is one of the earliest investors to join on the bitcoin bandwagon, a name you might have only heard if you are a long-term crypto enthusiast. The teenage sensation in the wake of initial Bitcoin boom lived in a posh high-rise New York locality. In a recent interview given to the MarketWatch, Erik has revealed that we are not far from the time when bitcoin would eventually come down to zero and become dead.
A little Background into Millionaire Entrepreneur
Erik came to the limelight and gained overnight fame through a video published by Buzzfeed News video posted on YouTube. The video has garnered over 5.9 Million views in one and a half year time period. The story starts with a very common and apparent frustrated teen who does not want to go to college since he does not find it interesting. So what does any great parent do? They tell him, he can only avoid college if he is worth $1 million by 18.
Erik got a $1000 investment from his grandparents to convert it into Millions or at least learn his lesson and get back to the usual teenage stuff. But, Erik was no ordinary kid, and he was decided that college won’t help him much. So he took a risk, a risk which many of us want to consider if we could reverse the time. He decided to invest his money in Bitcoin, a relatively new concept then. At the time of his purchase, Bitcoin was valued at $2.5 a piece. He purchased around 403 BTC.
The inspiration for the investment came from his elder brother who also received almost $1000 worth of investment. His elder brothers hobby of dabbling with the new internet concept made them among the very early adopters of the relatively new idea and technology. Erik Finman saw his investment grow up to $8 Million in late 2017.
What Assures Erik That Bitcoin is no More a Lustrous Investment
During his recent interview with Marketwatch, Erik comments on the bitcoin future undoubtedly sparked the thoughts that he is done with the crypto realm and has already bailed out with the liquidation of his assets.
Erik Finman when asked about his change of heart, replied that putting too many eggs in one basket may bring dismal results. He also believes that cryptocurrencies like bitcoin could not keep up with the blockchain outflow and acceptance. The November 15 hard-fork eventually bought the doom which everyone feared in the inside circles. At best bitcoin can see another bull run, but the cryptocurrency would subsequently die.
The bold prediction about Bitcoin being dead is far-fetched, as the developers behind the network are continuously trying different ways to improve the system and bring it on par with the blockchain escalation. The market is currently under continuous bear attack but, others believe that it would eventually gain some momentum in the first quarter of 2019.