Erik Finman, a Bitcoin teen millionaire, has a grand plan that will hopefully spike Bitcoin’s price to its all-time high of $20,000. The best part is, that may even happen sooner than we expect when Finman’s plan is coupled with Silicon Valley’s increasing adoption of blockchain technology, reports Forbes on June 10, 2019.
Erik Finman Amasses Wealth from Early Adoption of Bitcoin
Erik Finman is among the early adopters of Bitcoin which has led to his immense wealth today. The 20-year-old who first bought Bitcoin when he was 12 stated in late 2018 that Bitcoin is dead. Nonetheless, his opinion back then was not far off from many others since most cryptocurrencies had dumped in price by almost 90 percent from their all-time-high in 2017.
Of recent, Bitcoin and altcoins have rebounded in price and significantly to the point that they are over twice their market value as of December 2018. While gains have been made, Finman believes that something better can be expected and that is Bitcoin revisiting its all-time-high in 2019.
According to the Bitcoin proponent, 2019 is the new 2017 for Bitcoin and cryptocurrency space as a whole. Bitcoin, for instance, can remain the most valuable and widely used crypto asset on the market if some of its issues can be fixed. Also, cryptocurrency is on the move again due to the events in the tech and finance industry, which have helped to boost this asset class.
Finman’s Grand Plan Unveiled
So, what is Finman’s grand plan? Let’s take a closer look. The teen millionaire has outlined four key areas which he believes Bitcoin is in dire need of improvement. These areas are increasing Bitcoin’s transaction speed, reducing transaction fees, eliminating bickering and fighting in the crypto space, and making the virtual asset’s adoption simpler.
Now while all these are problems that have already been outlined in the past as Bitcoin’s limitations, especially its scalability, Finman has taken a step to proffer a solution in the aspect of adoption. First off, he threw more light on the purpose of what he intends to do by saying:
“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto.”
As a possible solution, Finman is creating CoinBits, a service which enables people in the U.S. buy Bitcoin and also convert small fractions of purchases made with a credit card into Bitcoin. Reportedly, the service is overseen by ten full-time employees and has already garnered 10,000 users.