Erik Finman bought $1,000 worth of Bitcoin as a 12-year-old in 2011. He made a bet with his parents that if he could turn it into $1 million, he wouldn’t have to go to college. By 2017, he’d won the bet with his parents, turning a $1,000 investment into millions.
Since then he’s moved to Silicon Valley and founded a start-up, sold it, and repurchased it. Finman isn’t even 21, and the world’s youngest Bitcoin millionaire has turned his sights to another cryptocurrency.
In a recent interview with VentureBeat, Finman confirmed he’s willing to convert all of his holdings to Metal.
Metal (MTL) is the crypto-token behind Metal Pay, a new cryptocurrency wallet with seamless transactions. Finman believes Metal Pay will bridge the gap between all cryptocurrencies. Metal Pay allows users to send cryptocurrency to each other, earning MTL for using the app. It’s a cashback rewards program that’s not much different than the Cash App or cashback credit cards.
Speaking on why he believes it will revolutionize the world of cryptocurrency, Finman called it sexy. Metal allows users to pay using their cash balance, linked bank account, or cryptocurrency. The app is available only on iOS right now, though an Android launch is expected soon.
Finman first announced his investment in the platform on August 19. He still has around 446 BTC, which he says he will convert to MTL in smaller increments. Finman says the modest sell-off is to avoid creating a price hype around the token, which might disrupt grassroots promotion efforts.
Will MTL take off?
It’s worth noting that the BTC millionaire has taken on a role at Metal Pay. He doesn’t have an official job title, saying he doesn’t believe in them. But his promotion of the company is definitely self-motivated here. He has also boasted that Metal Pay will beat Facebook’s Libra to the digital currency mainstream.
Finman believes MTL could eventually replace Bitcoin. He knows that’s a bold claim, as cited in the VentureBeat interview. But he also admits that he thought blockchain technology would have advanced further than it has. He believes Metal Pay is the killer cryptocurrency app that makes cryptocurrencies usable for ordinary people.
Right now, Metal Pay has an estimated 30,000 users on iOS devices. The limited scope of the app could hinder growth, especially if an Android version isn’t released soon. The MTL token is tied directly to the wallet, meaning it only has utility to those who use it (unlike BTC).
