Crypto millionaire Erik Finman says bitcoin is being replaced by Facebook’s Libra. But he says his app Metal Pay is the “Libra killer.” | Source: Erik Finman/Twitter (i), Shutterstock (ii). Image Edited by CCN.
The 20-year-old entrepreneur made the ballsy claims in a blog post at Wall Street Playboys. Moreover, Finman boldly declared that his Metal Pay platform could supplant both bitcoin and Libra.
Finman: Bitcoin is a dinosaur like MySpace
Finman says the reason why BTC will go extinct like MySpace did is because its adoption has stalled irretrievably.
In addition, he warns that Facebook’s Libra is aggressively coming to crush bitcoin. That’s exactly what the social media monopoly did to its early competitors.
“Much like Myspace was replaced by Facebook, it looks like Facebook’s Libra ‘cryptocurrency’ is trying to do the same to Bitcoin. If you’re someone who believes in cryptocurrency and what it represents, Libra is your worst nightmare.”
Finman: Bitcoin is not practical
Finman wrote that while BTC has raised mainstream awareness of crypto, it has now hit a ceiling. And there are three main reasons for this:
- Regulatory murkiness.
- High fees and long transaction times.
- Crypto community infighting.
“Bitcoin’s adoption has stalled, and the barrier to its continued growth appears too tough to crack. This isn’t necessarily about its value as an investment – being treated like ‘digital gold’ is fine for a cryptocurrency that is seen as a way of getting rich – but more about Bitcoin’s use as an actual currency.”