Erik Finman, a millionaire teenager who initially invested in bitcoin in May 2011 at the age of 12, recently explained in an interview with Mic that he is not convinced about Ethereum.
Six years ago, Finman’s parents, Stanford PhDs, agreed to allow Finman to skip college and pursue his education elsewhere, outside the traditional realm of college and university ecosystem, if he could turn $1,000 in cash granted by his grandmother into $1 million.
Within a six-year period, Finman acquired $1,000 worth of bitcoin at around $12 per bitcoin and also obtained other cryptocurrencies such as Ethereum’s native token Ether. Finman revealed during his interview with Mic that he currently holds more than 600 bitcoin, which is worth just about $1 million.
Although Finman does maintain a portfolio of cryptocurrencies including Ethereum, he explained that he’d encourage other traders to go short on Ethereum. There is a lot of money to be made in the short-term but at the moment, the market cap of Ethereum is difficult to justify, considering the lack of viable products that emerged within the ICO market.
In regard to ICOs, Finman also stated that newer cryptocurrencies are susceptible to pump and dump schemes.
Read more here. I was made to believe that Ethereum can be the next in line for Bitcoin and even if it will not really replace Bitcoin then playing a second placer can be good enough. However, lately there are those who are expressing some dismay and disappointment with Ethereum, and this is now also reflected in its value. I lost almost 50% of the money I invested with Ethereum because I bought some when it peaked at $340...that was a very bad decision on my part.
Is there really a bright future ahead for Ethereum?
