You may have heard of Erik Finman, possibly one of the youngest (if not the youngest) crypto millionaire. We haven’t heard a lot from the teenager in a while but now he has returned to the limelight by claiming that Bitcoin will ‘die’ unless the sticky issues it faces are fixed.
Speaking to Yahoo finance, the teenage millionaire suggested that the sticky issues that impact Bitcoin come down to four main factors. This includes high transaction fees, complexity in use, slow processing speeds and in-fighting among development teams.
“It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.”
Last week, before the interview, Finman was highlighting the problems that Bitcoin faces through his official Twitter.
“If Bitcoin wants to not die it needs more than speculation:
- Solve Speeds
- Solve Transaction Fees
- For the ppl working on the above to stop being cultish
- Have an EASY on ramp for new users —this is the biggest problem
I’m getting so irritated I might just fix it!”
For those that don’t know, Finman was just 12 when he was gifted $1k by his Grandma which he used to invest in the leading cryptocurrency. Since then, Finman has been trading cryptocurrencies managing to grow his holdings 458 Bitcoins which would be worth around $3.5 million in today’s prices.
The now 20-year-old stated that the future of Bitcoin, as a leading cryptocurrency, isn’t guaranteed.
Finman also looked back on his statement from December last year where he said that in the ‘long-term’ Bitcoin is dead. In his defence, the teenage millionaire explained that despite the prediction he still expects the cryptocurrency to “have more ups, it would have maybe one or two, three more bull runs.”
I wish I’d invested in Bitcoin when I was 12…