A young bitcoin millionaire According to Erik Finman, Millennials who are interested in investing in cryptocurrency might start with a $1,000 investment. After all, it was that method that made the 19-year-old high school dropout a billionaire.
Because of the volatile price changes of bitcoin and other digital money, many people are naturally skeptical about cryptocurrencies. Furthermore, they are unregulated and are not backed by a central government or a bank, which contributes to their shady image as an investment vehicle.
But Finman believes bitcoin is the trend of the future, and that it is the safest virtual money to invest in right now. “I believe bitcoin is the most secure cryptocurrency right now,” he told CNBC.
Of course, Finman is biased: the 12-year-old crypto prodigy took $1,000 from his grandmother to purchase his first bitcoin when the little-known virtual currency cost just $12 a token. Finman was a billionaire by the age of 18. (Learn more about Erik Finman, the Bitcoin Millionaire Teenager, here.)
The baby-faced investment guru presently owns 401 bitcoins, which is worth almost $3.8 million at today’s bitcoin price of $9,300.
While $1,000 isn’t small dough for most Millennials, it’s also not an unreasonably large sum, according to Finman. According to CNBC, 40% of Americans between the ages of 24 and 35 have at least $1,000 in savings.
Finman believes that Millennials would be better served investing their money rather than leaving it in a savings account. However, he cautioned Millennials (and anybody else) to follow billionaire Mark Cuban’s advice: only invest what you’re prepared to lose.
When questioned about the recent drop in the price of bitcoin since the beginning of 2018, Finman was unimpressed. He told Business Insider, “I still believe in cryptocurrencies.” “On the journey up, there are always ups and downs. Many people predicted this deterioration. After many experts predicted a bubble, it became practically self-fulfilling.”
According to Finman, a key issue with unskilled investors is their short-term vision. “The worst error they can do today is to exit the market and sell their bitcoins simply because of a setback,” he stated.
Finman claims that investing in cryptocurrency might provide big profits if done correctly. “The region is still rather tiny. The market capitalisation is somewhat more than $500 billion “He elaborated. “I don’t want to be misunderstood: this is, of course, a large sum, but it’s little in contrast to other asset types. As a result, if you do not become a billionaire over the next ten years, it is your own responsibility.”
Meanwhile, prominent financial experts have criticized bitcoin and other cryptocurrencies. JPMorgan Chase CEO Jamie Dimon famously dubbed bitcoin “a hoax” and its investors “dumb.” (See also: JPMorgan’s Dimon Calls Bitcoin a ‘Fraud,’ Investors ‘Stupid.’) Dimon has subsequently backtracked somewhat, although he remains a crypto skeptic.
Similarly, billionaire Warren Buffett has predicted that the crypto bubble would ultimately burst. “I can nearly guarantee a horrible outcome,” Berkshire Hathaway chairman Warren Buffett told CNBC. (Learn more:Buffett: Cryptocurrency Will Fail.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site. The author owns no cryptocurrencies as of the day this post was published.
You are looking for information, articles, knowledge about the topic Teen Bitcoin Millionaire Erik Finman Dishes Investment Tips on internet, you do not find the information you need! Here are the best content compiled and compiled by the smartinvestplan.com team, along with other related topics such as: Cryptocurrency.