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Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved

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Teen Bitcoin millionaire Erik Finman predicts once again that the number one cryptocurrency could ‘’ die’’ if four major issues are not resolved. According to the latest cryptocurrency news, Finman stated that the problems are ‘’sticky’’ and must be solved immediately.

While speaking to Yahoo Finance, Finman explained the issues: the complexity of use, high transactions fees, fights among the developer teams and slow-processing speeds. He pointed out:

‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’

Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million.

Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future.

As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame.

Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.

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Bitcoin News

Investors Data: Bitcoin Is The Most Popular Crypto Asset

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The investors data that is received from CoinMakretCap, about Bitcoin (BTC) and cryptocurrencies market capitalization figures, besides the bigger reliability than the data on daily volumes, only informs about how much of every cryptocurrency is out there as we are reading further in the bitcoin latest news. However, with the huge amount of these coins being held by early adopters, whales, exchange wallets or just forever lost it is not providing an answer to the question. Which are the cryptos that investors are holding in their portfolios in reality? Luckily the Shrimpy Portfolio Management has published a snapshot from their extensive sample of investors data to provide some insight. With disregard for market capitalization, we will set our focus on the dominance of Bitcoin (BTC) and other cryptos within the portfolios and their popularity. It is indicated by the dominance in itself that the average weighting of certain crypto within a certain portfolio. This is while ignoring the relative values of the portfolios. For example, a $100 million portfolio contains 25% Bitcoin (BTC) and a $10k portfolio containing 75% Bitcoin (BTC), would still average out 50% of Bitcoin (BTC). The popularity measured what is the percentage of the sample portfolios that hold certain crypto while ignoring the relative proportion in each. For example, if 10 portfolios contained 5% of Ethereum (ETH) the popularity of Ethereum (ETH) would have been 100%. It is obvious that there is likely some overlap among Bitcoin (BTC), crypto market capitalizations, and our dominance and popularity metrics. Let as taking in consideration popularity. Shrimpy had an unsurprising discovery that Bitcoin (BTC) is the most popular cryptocurrency, that appears in 72.4% of the portfolios. But, Ethereum (ETH) is also held by something more than half of the investors at 54.5%. Cryptocurrencies of prominent popularity were Binance Coin (40.1%), XRP (38.7%), Litecoin (37.7%), Stellar (32%), EOS (27%), Cardano (26.3%), Bitcoin Cash (24.5%) and Monero (21.4%). Naturally, Bitcoin (BTC) is again on the top in the dominance metric, making up an average of 26% of the portfolios sampled. But, Ethereum (ETH) is of an average weighting of 7.4%, unexpectedly if we take into consideration the market capitalization of the coin. Shrimpy also published a report in which it tries to asses the actual number of trades that are processed by cryptocurrency exchanges at a daily level.
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Bitcoin News

Tesla’s Elon Musk: Bitcoin Has A Huge Role But Won’t Replace Money

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Tesla’s Elon Musk, one of the most successful and popular entrepreneurs, spoke about bitcoin and the entire idea of cryptocurrencies stating that the assets will not replace cash entirely but will play a vital role as we are reading further in the latest bitcoin news. Elon Musk is mostly known for his business actions as the CEO of Tesla and SpaceX. He was the founder of PayPal which is still the most used online payment service company. Recently appearing in a podcast, he answered about the world’s biggest crypto-Bitcoin. He said initially that ‘’I’m neither here of there on bitcoin’’ but after he read the entire whitepaper he thought the idea was very smart. Musk answered a lot of other questions on whether or not he sees Bitcoin and cryptocurrencies are a replacement or cash. He noted that they do have a role as a replacement for a primary but he doesn’t seem them being the primary database. It is also worth mentioning that he tweeted a seemingly mysterious post a few weeks ago when he said in front of his 30 million followers that ‘’Bitcoin is *not* my safe word.’’ Another popular person in the crypto community Ray Dalio talked about the largest cryptocurrency at Davos and explained that Bitcoin fails the purpose of money because of its high volatility. Musk continued explaining his views on cryptocurrencies as a whole and their involvement in illegal activities. He added:
 “This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law. And there are, obviously, many laws in different countries. And, normally, cash is used for these transactions. But, in order for illegal transactions to occur, cash must also be used for legal transactions. You need an illegal to the legal bridge. That’s where crypto comes in.”
Further, Tesla's Elon Musk said that he is not judging cryptocurrencies since governments usually place too many transactions as illegal:
 “This is sometimes taken as being like I’m being judgmental about crypto, but it’s actually – there’re a lot of things that are illegal that shouldn’t be illegal. I think sometimes governments have too many laws. They shouldn’t have so many things that are illegal.”
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Altcoin News

High Capital Influx In Crypto Expected This Year Because Of One Factor

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A high capital influx is expected in 2020 in the cryptocurrency market - all because of one significant factor which may boost the prices up. In the cryptonews now, we can see that Bitcoin and other coins are decreasing, but the overall performance this year has been positive. This has led to an increased sense of hope among many active participants. Also, this may be a sign that billions of dollars worth of unannounced capital is close to being injected in the crypto markets with the allocation of this funding potentially allowing for ecological development in 2020. Coupled with the increasing technical strength and the bullish action that many coins initiated, the high capital influx may be enough to give the markets some further momentum throughout the year ahead, the Bitcoin news show. According to Ash Egan who is the head of crypto at Accomplice (a tech-focused venture capital firm), there is currently $2 billion in capital which is being allocated to US-based crypto funds. This capital is being distributed amongst a collection of various sized funds including "mega funds."
“There is ~$2B of unannounced capital being allocated into US-based crypto funds rn. Funds are distributed across 3 mega funds ($300m+), 4 large funds ($100m-$300m), and 4 sub $100m funds. 2020 is gonna be a wild year,” he noted.
https://twitter.com/AshAEgan/status/1220503778878607361 Even though Egan did not provide a specific source for this information, the high capital influx has been backed by many other personalities in the industry. Injecting the potential billions of dollars worth of capital in the markets also comes close on the heels of recent comments from other crypto venture capitalists regarding the sense of capitulation amongst major funds.
“Spoke with multiple liquid crypto fund managers this week. They all have investors leaving their funds and leaving crypto altogether. Feels like true capitulation is finally happening,” Avigal Garg noted, known for his role as a co-founder at Electric Capital.
https://twitter.com/avichal/status/1213262413622956034 However, Garg's comments came before the 2020 rally kicked off which may be a sign that the high capital influx did not come at that point. Now, the situation is different and if major funds really are on the bring of injecting billions to the markets, it is highly probable that the industry will blossom and potentially catalyze a major rally.
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Bitcoin News

BTC Falls By 6% Due To Coronavirus And Chinese New Year

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The Bitcoin news now show that the major cryptocurrency has visited lows at $8,324 and could extend them if the situation around it strengthens. As BTC falls by 6%, we can see that its market cap is down to $151 billion and this is all due to what is known as a coronavirus in China. For those of you who don't know, coronaviruses are common in species of animals and can evolve and infect humans and then spread between them. In China, the death toll has climbed as infections reached more people and the country even banned travel for 35 million (infected) people. The fact that BTC falls by 6% is in direct correlation with the situation in China. It is needless to mention how big of an impact the Chinese economy ha son cryptocurrencies and as the coronavirus continues to spread, BTC/USD has lost over 6% in seven days due many factors, one of which is the sensitive "virus" factor. Even fifteen more people died in the city of Wuhan (the Hubei provincial capital) which is seen as the epicenter of the outbreak. The new figures show that there is a 60% jump from the previous death toll of 26. Compiled by the trader and analyst Alex Kruger, the figures circulating on Twitter show that in the run-up to the celebrations, Bitcoin returns can often turn out as negative. In 2019, these returns averaged around 0.2% in losses for the week prior, but Kruger seemed unperturbed by the results. Meanwhile, many critics have protested against the theory that the price action of Bitcoin is linked and influenced by geopolitical or other world events. Nonetheless, many issues involving China tend to impact the market conspicuously and against of the backdrop of a blanket crypto trading ban which was imposed by Beijing in 2017. The country still accounts for the majority of the Bitcoin mining activity, which is one more reason why BTC falls by 6% this week due to the news in China. While BTC slumps and is trading at $8,324 at press time, there are a couple of gainers in the altcoin news. The biggest one in the top 10 on the day is EOS which managed to add 2.22% to its price and climb to $3.55.
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