A German teen has claimed that we only have ourselves to blame if we are not millionaires within ten years. Erik Finman, who is 19 made the bold statement, after he found himself well off after investing some money into cryptocurrencies.
Finman was given one thousand Euros from his grandmother, and he chose to invest them in Bitcoin. That decision paid off and he now has approximately $1.5million in the virtual currency. He showed his age though in a recent interview, when he gave this answer, when asked whether it was easy for the average person to replicate his success;
“If you are smart about cryptocurrency over the next 10 years, many people can build their fortunes even better than before…The area is still relatively small; the market capitalisation is just over half a trillion dollars. 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…New business models and innovations are still emerging in this area, and therefore, there are many investment opportunities. It’s a new kind of gold fever, or a new kind of Silicon Valley – there are really plenty of opportunities.”
It is of course, not as easy as he has made it sound. Many people are understandably wary about investing huge chunks of their savings into cryptocurrencies, and rightly so. It is still a fairly misunderstood area, and the prices are so volatile. Of course, there are some people, like Finman that have been successful in their investments, and are now sitting on a nice profit; however, to suggest that you are to blame if it does not work out quite like this is, quite frankly, absurd.
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