How does one become a Bitcoin millionaire? How about the youngest one ever? In this episode of Diva on the Block, Kiana sits down with Erik Finman, the youngest crypto millionaire.
- Why Erik started investing in Bitcoin back in 2011 when he was only 12
- His secret to over 400 Bitcoins
- How you can start investing in Bitcoin using tiny bits of your everyday shopping leftovers
How Erik Finman Became The Youngest Crypto Millionaire
Erik started his cryptocurrency investment in 2011 as a 12-year old kid who heard that an online trading asset called Bitcoin has the potential to end Wall Street. His risky investment turned into gold after becoming a millionaire when he turned 18-years old, earning him a spot in Time Magazine’s 25 Most Influential Teens of 2014. Erik shared how people can start investing in the popular crypto coin and how he continues to accumulate over 400 Bitcoins in a day. Erik will also talk about his unique life experiences and his quest to legalize Bitcoin and other cryptocurrencies.
The Elon Musk Version of the Kardashians?
Erik grew up in Idaho as the youngest child in a family of five. After hearing about Bitcoin, Erik decided to drop out of school and move to San Francisco to pursue his investment in Bitcoin. Using the $1,000 his grandmother gave him for his scholarship fund, Erik began cryptocurrency trading with his brother. As the youngest in a family with knowledge on how to make money, Erik felt the pressure to prove himself capable of accomplishing something. After selling his startup company for 300 Bitcoins, Erik continued to invest in Bitcoin until he finally reached the nine-figure mark.
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The Deficiencies of Bitcoin
Despite knowing the Bitcoin is the reason for his wealth, Erik identifies four deficiencies with the popular digital asset. First, Erik believes that it takes up too much time to send anything in Bitcoin. Second, Erik shares that the transaction fees for every purchase are too high. Third, Erik reveals that the people behind Bitcoin have cultish behavior when trying to solve deficiencies one and two. And finally, Erik shares that it is difficult for everyone to get started in investing in Bitcoin. Erik doubts that Bitcoin can stay at the top of the crypto food chain forever despite being the current face of cryptocurrency.
CoinBits as the Gateway to Cryptocurrency for the Average Person
Erik hopes to make Bitcoin investment easier for everyone with the launch of CoinBits. The online app aims to help consumers invest in Bitcoins by using their spare change from purchases. Erik reveals that CoinBits uses the dollar-cost averaging technique to round up debit and credit purchases into Bitcoin investing. According to Erik, a person that buys French fries for $1.75 will invest the remaining 25 cents to Bitcoin in CoinBits. The average person will find it easier to enter the cryptocurrency market with CoinBits, which caused a spike in Bitcoin shares during its launch.
Will Facebook Libra Overshadow Bitcoin? Erik Finman Youngest Crypto Millionaire Shares His Thoughts
Bitcoin’s status as the face of cryptocurrency is receiving a massive challenge from Mark Zuckerberg, who revealed his plans to launch Facebook Libra. Mark announces that Libra is the mainstream social media platform’s digital asset. Erik tells that Libra has the potential to take Bitcoin’s place. However, Erik reveals that Libra is trying to compete against the U.S. Dollar and other world currencies. Erik believes that Libra is good for cryptocurrency, but may have troubles in trading with the U.S. Dollar being the world’s closest centralized currency.
A Closer Look at Bitcoin Price Action
As the global economy takes a hit, institutional investors appear to have rushed to Bitcoin, the digital gold, as a hedge. BTC/USD appears to have formed a Double Bottom chart pattern. As of Asian session on Monday, the pair is testing the upper band of the daily Ichimoku cloud.
The first few days of the week could see a slowdown in Bitcoin’s bullish moment especially if the stock market sees some gains. From a technical point, the upper band of the Ichimoku cloud is acting as a resistance. It also happens to fall on the 50% Fibonacci retracement level that traced the recent downtrend from around $13K to $9,375. With that, we could see potential pullbacks towards the pivot levels of $1,1254, $10,640, and maybe even $10,242.
Iran’s Quest to Mine Bitcoin And the Thoughts of Erik Finman Youngest Crypto Millionaire
The Iranian Government authorized the mining of Bitcoin. The mining left people wondering if the decentralized cryptocurrency will fall into the hands of a mass-oppressive regime. Erik shares his take on Iran’s crypto-mining movement and how similar it is to how the U.S. Dollar and the Chinese Yuan dominated the currency market. Erik also shares that he is working on a bill proposal that seeks to legitimize cryptocurrencies.
Find Erik Finman on Twitter @erikfinman
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Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.