Erik Finman has not followed the traditional path of college-bound students growing up in the United States. In May of 2011, at the age of 12, Finman struck a deal with his parents to be able to skip college in pursuit of an unorthodox education, provided he could invest successfully. The deal? He had to turn $1,000 in cash that his grandmother gave him into an impressive $1 million. Finman pursued his goal relentlessly and managed to succeed, purchasing about $1,000 worth of Bitcoin when the fledgling currency was at just $12 per coin, as well as a number of other digital currencies including Ether, Ethereum’s native token. Finman was successful in his goals, making him a self-made millionare at the age of 18. However, he remains skeptical about the future potential of Ethereum.
Finman Plans to Launch a Startup
Finman’s plans have indeed led him to pursue education outside of the traditional college realm. He will focus on establishing a startup which makes use of cryptocurrencies and which is intended to participate in the development of a satellite for NASA, according to a profile in Crypto Coins News. His mother Lorna explains that “Erik took a very unique path that suited him and he turned out better for it…it’s so important that everyone find the right educational system that matches their learning style. For some that’s traditional school and college. For others it’s not.”
Finman Hesitant on Ethereum
While Finman’s success with Bitcoin does not necessarily qualify him as an expert investor, he can rightfully claim to have been in the crypto game longer than nearly anyone else. His portfolio of cryptocurrencies is diverse and includes Ether. While Etherem’s market cap seemed to be closing in on the market cap of Bitcoin, reaching a height of $36 billion just weeks ago, it declined by about half to roughly $18 billion following a major market correction.
Finman has explained his skepticism on Ethereum’s prospects, believing that there is money to be made in the short-term but that the ICO market has been underwhelming, producing few viable products. He suggests that “I go short on Ethereum…the hardcore Bitcoin veterans call it Ponzi-coin.”
The teenage millionaire is not the only investor to show signs of hesitation when it comes to Ethereum. Pieter Levels, founder of Nomad List, recently joined in expressing concerns about the ICO market. With a huge amount of money having been dumped into the startup efforts of ICO companies, few if any successful products have yet to emerge. He even went so far as to compare it to a “pump and dump scam.”