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Erik Finman a young bitcoin billionaire advice young people to invest 10 percent of their income into Bitcoin. The 19 year old who owns 401 bitcoin believe that 10 percent of their income is enough for them to invest in cryptocurrencies. He had some fortune with cryptocurrency growing up at age 12 Finman invested $1000 gift given to him by his grandmother into Bitcoin, 6 years later he's now a billionaire. He owns 401 bitcoin worth $3.4 million at a rate of $8,512 a coin.
In an interview with CNBC Make It , he offers this advice to other young folks looking forward to join the crypto party: Invest 10 percent of your income into the top cryptocurrencies, especially bitcoin.
Finman said Millennials would be better off investing that money than letting it sit idle in a savings account. However, he warned Millennials to heed the advice of billionaire Mark Cuban: Only invest what you’re willing to lose.
But Finman thinks bitcoin is the wave of the future, and for now, he believes it’s the safest virtual currency to invest in. “I think bitcoin is the safest cryptocurrency right now,” he told CNBC
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Finman speaks at a TEDx Teen conference in 2014.
Many people are understandably cautious of cryptocurrencies because of the erratic price movements of bitcoin and other digital coins which is volatile. Moreover, they’re not regulated and are not backed by a central government or bank, adding to their murky reputation as an investment vehicle. However financial experts are skeptical about investing in bitcoin because of its volatility. Bitcoin reached $16,000 some few weeks ago, a single coin now goes for half of it.
Meanwhile, bitcoin and other cryptocurrencies have come under fire by leading figures in the financial world. JPMorgan Chase CEO Jamie Dimon famously slammed the cryptocurrency as “a fraud” and called its investors “stupid.” Dimon has since backpedaled a bit, but remains a crypto skeptic. Similarly, billionaire Warren Buffett warned that the crypto bubble will eventually come crashing down. “I can say with almost certainty that they will come to a bad ending,” the Berkshire Hathaway chairman.
Finman said if you're careful, you can get huge dividends by investing in crypto. "The area is still relatively small. The market capitalization is just over half a trillion dollars," he explained. "I do not want to be misunderstood: This is, of course, a very high amount, but in comparison to other asset classes, it’s small. Therefore, I say if you do not become a millionaire in the next 10 years, then it’s your own fault."
He strongly believe that cryptocurrency is one of the safest invest you can make.
"NEVER BEFORE HAVE YOUNG PEOPLE BEEN ABLE TO CHANGE ECONOMIC CLASSES SO QUICKLY."
-Erik Finman, bitcoin millionaire
Finman is having bullish stand on bitcoin: He says its now your best bet you will consider, though he stated that another coin could eventually take the top place. However, he predicts that won't happen for the mean time .
"Putting money into bitcoin right now is good," he says. "That may change because there may be a better solution. But I think that better solution will be very obvious and will be a long time coming so you can make that switch."
Finman has stated earlier that investing in cryptocurrency is one of the quickest ways for young folks to attain wealth.
"Cryptocurrency represents the largest transfer of wealth our generation has ever seen," he wrote on Twitter. "Never before have young people been able to change economic classes so quickly."
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He's also made smaller investments in other cryptocurrencies including litecoin and ethereum .
The bitcoin millionaire says he strongly believes that this is just the beginning of cryptocurrency.
"Deep down, everybody knows cryptocurrencies are the future. Even the bankers and Wall Street know it," he wrote on Twitter. "The only debate is how long until it completely takes over."
I strongly agree with Finman, this just beginning of cryptos they are a lot of goodies coming.
To me I think Bitcoin is best thing that ever happened to us, the digital currency have solve numerous financial problems, quick transactions and low transactional charges backed with undisputed blockchain technology. I know the cryptos have a lot more to offer with the blockchain technology. All these naysayers will regret not joining the crypts train. I know cryptos are here to stay. Cryptos are the new revolution. I know cryptos have their flaws, but with time measures are going to be put in place to overcome the loopholes. It's me again @jakemore representing #teamghana. Thanks for reading.
