Crypto Millionaire Takes U-Turn On Bitcoins, Says Will Take Measures to Take BTC To $20,000 In 2020

The famous Bitcoin millionaire, Erik Finman is back in the news again. The 20 years old kid, who bought Bitcoin when he was 12, has made strong claims to push BTC price up. He stated that he would be taking measures to help Bitcoin reach its peak of $20,000 again.

Finman made headlines last year when he declared Bitcoin as dead when the bears destroyed over 90% of most cryptocurrencies. Since he is one of the earliest Bitcoin figures and has a tremendous success story to boast, Finman has a certain influence on the market, and his comments made during the crypto winter triggered a fear the crypto industry would come to an abrupt end.

However, the bulls came roaring back this year, which might have forced Finman to take a U-turn on his stand. He recently said that he has the plan we could resurrect Bitcoin to regain its peak price near $20,000 and that too, as early as 2020. Claiming that 2019 is the new 2017, Finman has listed a four-point plan, which according to him could resurrect the bulls of 2017. These points are,

Lower transaction fees.

Faster transaction times.

Avoiding in-fighting and bickering.

Ease of use and adoption.

The suggestions are not new for the industry, but are quite apt and needed. However, implementing them is the biggest challenge, with little success till the date. Finman also stated that people generally have a flawed perception about cryptocurrencies, which needs to be solved if new users are to embrace the crypto space. He said,

The friends I went to high school with know the words ‘bitcoin,’ ‘cryptocurrency,’ and ‘blockchain,’ but they don’t really understand what they mean. They know bitcoin as a get-rich-quick tool and little more. That needs to change if bitcoin is going to be around much longer.

To tackle this issue, Finman is working on a service platform named CoinBits, which would allow people to have a better understanding of Bitcoin and the crypto space. The platform facilitates buying and converting a fraction of traditional purchases with credit cards into Bitcoins. This would have people outside the crypto realm get a glimpse of the futuristic currencies. CoinBits currently has 10 employees, with over 10,000 users in the US.

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.