The words of teenage Bitcoin millionaire, Erik Finman is finding expression in parts of the world where the younger generation have been technically sidelined from leadership.
Finman, who is just 19 years of age owns 401 Bitcoins as at the time of writing. Finman argues that Bitcoin is just as real as fiat money, he believes that the cryptocurrency and its underlying technology offers young people the opportunity to leapfrog the older generation and compete in terms of wealth and what it offers.
“Cryptocurrency represents the largest transfer of wealth our generation has ever seen. Never before have young people been able to change economic classes so quickly”, says Finman.
The words of Finman clearly explains the situation in most parts of Africa, a continent where majority of the political and industrial leaders are well past the age of youth. Compared to their counterparts in other parts of the world, African youths have been left out of traditional developmental systems. Same applies to wealth opportunities – while there exists a few wealthy older citizens, majority of the youths barely live on handouts.
As Bitcoin, blockchain and cryptocurrency becomes more popular on a global level, young Africans are seizing the opportunities within the ecosystem to close the gap between them and the older generation. The faces that are behind the blockchain technologies indigenous to the African continent represent a generation that is ready for a change.
Like Finman who tells Forbes that his knack for politics is actually what got him interested in bitcoin initially. Young Africans seem to have adopted the Bitcoin ecosystem as a path towards relevance as well. As a matter of fact the gap between the generation of the existing leaders and the younger ones can only be closed up by a major disruption, and Bitcoin and blockchain is presenting this opportunity.
A country like Nigeria that faced its worst ever recession in decades had the populace looking for alternatives for transaction, and Bitcoin/altcoins was a suitable option. This led to an exponential growth in the awareness level and adoption of cryptocurrencies. The situation also hastened the settling down of a number of exchanges such as Bitpesa, Luno and Remitano in the West African country.
Other indigenous projects that focus on the peculiar problems of financial inclusion and remittances such as Kora network, Surebanqa and Abjcoin are all championed by the next generation of industrialists. These projects focus on empowering the hitherto sidelined population, creating room for access to mostly financial services and empowering the locals who have been subjected to protracted deprivation.
Apparently, Finman’s assertion is finding fulfillment in so many ways. Added to his original and traditional “buy and hold” investment system that has been adopted by several young investors, Blockchain innovations and participation affords the younger generation a place in leadership.
On his Twitter, Finman writes:
“Deep down, everybody knows cryptocurrencies are the future. Even the bankers and Wall Street know it. The only debate is how long until it completely takes over.”
Featured image from Shutterstock.
Last modified: May 20, 2020 9:09 PM UTC