Bitcoin was pronounced dead by teen bitcoin and cryptocurrency “millionaire” Erik Finman late last year in the midst of a bitter bitcoin and cryptocurrency bear market that left most major tokens down almost 90% in value and sparked fears the great crypto experiment could come to an abrupt end.
The bitcoin price has since rebounded, doubling so far this year and lifting the wider cryptocurrency market which has boomed on news Silicon Valley is increasingly interested in moving into payments and adopting cryptocurrency technology.
Now, Finman has said a combination of his plans and others he sees happening in the cryptocurrency sector could “resurrect” bitcoin and send the bitcoin price back to its all-time highs of near $20,000 by the end of the year, thanks to crypto adoption from the likes of social media giant Facebook, media and telecoms group AT&T, and U.S. presidential hopefuls talking up bitcoin and crypto.
The bitcoin price has been climbing so far this year after a horrendous 2018 and those in the industry seem increasingly hopeful of a return to bitcoin’s all-time highs.
“2019 is the new 2017 for bitcoin and cryptocurrency,” Finman said, promising bitcoin can remain the most valuable cryptocurrency in the world if it manages to fix its main issues. “Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge.”
Finman, named as a bitcoin “millionaire” by the likes of Yahoo Finance, has identified four areas that the bitcoin community needs to improve on if bitcoin is going to be able to survive and remain the biggest and most widely used cryptocurrency.
According to Finman, the bitcoin network needs lower transactions fees, it needs to speed up transactions, in-fighting and bickering needs to stop, and adoption needs to be made simpler—all easier said than done and at least one, perhaps, impossible as the democratic and decentralized nature of the bitcoin network means in-fighting is almost encouraged.
Finman, for his part, is focused on what he sees as the most important of the four areas of improvement bitcoin needs to work on if it is to remain competitive in an increasingly crowded cryptocurrency field: increasing adoption and use.
“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto,” said Finman, who is now 20-years-old, having bought his first bitcoin when he was just 12.
“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.”
The bitcoin price has recovered some ground in recent months after steep sell-offs but remains far from its all-time highs. COINDESK
To solve this problem, Finman is developing a service called CoinBits, which he claims is a better way for people to get introduced to the world of bitcoin and crypto than anything else on the market.
Now with 10 full-time employees and boasting 10,000 users, CoinBits allows people in the U.S. to buy bitcoin and converts small fractions of real-world purchases made with a credit card into bitcoin.
Recent surveys of people in the U.S. have shown that there could soon be a real demand for these types of bitcoin and cryptocurrency services.
HBUS, the U.S. partner of the Singapore-based Huobi bitcoin and cryptocurrency exchange, surveyed just over 1,000 people in the U.S. between March and April this year, finding 20% of people asked had invested in cryptocurrency, with men more than twice as likely to have bought into crypto than women.
Almost three-quarters of those asked (74%) were aware of cryptocurrencies, with people saying they think the potential of the technology, privacy, and security are its greatest assets.