- 18-year-old Erik Finman became a bitcoin millionaire last year, and is now holds multiple millions worth of cryptocurrency.
- He’s grown disappointed with the current state of cryptocurrency, saying that there are too many scams and too much politics for bitcoin or other current currencies to replace traditional money.
- That’s why Finman has gathered a bunch of other bitcoin millionaires to kickstart a new cryptocurrency
18-year-old Erik Finman made headlines last year when the value of his bitcoin holdings hit the $1 million mark — meaning he won a bet with his parents and didn’t have to go to college.
Now, thanks to the recent surge in the cryptocurrency markets, Finman’s personal bitcoin hoard is worth about $4 million, even after the slump of the last few weeks. And he’s diversified into other cryptocurrencies, as well as more traditional investment vehicles — he’s even started a 401(k) retirement account.
And yet, Finman is disappointed with the state of cryptocurrency, he tells Business Insider. The cryptocurrency boom has brought with it an upswing in scams and dirty dealings. And the bitcoin community, in particular, is too caught up in its own self-interests to modernize the underlying technology so that it can deal with the increasing crush of users, he says.
He refers to the larger cryptocurrency market as “corrupt,” and says that it’s led to most cryptocurrencies serving more as an asset, like gold, rather than a politics-free replacement for money, which was the original idea. He suggests that the first wave of digital tokens might be about to buckle under its own weight — paving the way for something new.
“You’re seeing the first generation [of cryptocurrency] live and probably die,” says Finman.
Here come the ‘crypto whales’
Finman’s next project is bringing on that next generation. He tells us that he’s been flying Read More Here