Bitcoin millionaire Erik Finman is investing in Metal Pay. The 20-year-old says he’s willing to place his entire crypto fortune on the crypto-based payments platform.
The “all-in-one digital banking platform for cryptocurrency” launched in 2017. Its peer-to-peer iOS app is designed to rival the likes of PayPal, offering users Metal (MTL) tokens as a reward for sending and receiving money.
As the company aims to take Bitcoin head-on, Finman tells Forbes he believes it has the edge on the leading cryptocurrency.
“Bitcoin could be at $50,000 per Bitcoin without all the fragmentation. But you can’t change the fees. You can’t change the loading times. I’m very pro-crypto and pro-Bitcoin but with just one coin you can only do so much.”
Finman says he first invested in Bitcoin back in 2011 when he was 12 years old after his grandmother gave him $1,000 as a gift. If need be, he says he’ll invest all of his 400+ Bitcoin holdings, worth in excess of $4 million, into Metal Pay to push its adoption.
The Metal token reached a high of more than $14.82 on September 7, 2017 in the heat of the last bull cycle, according to CoinMarketCap. Today, the coin is valued at $0.35. The company’s mobile app is currently available in 34 US states as it works to meet regulatory guidelines.