Bitcoin is a tricky business. You must know when to invest, and more importantly, how much. Investing a little or a lot can make all the difference in your financial future. Luckily for Erik Finman, he knew exactly what to do (and when) to become the world’s youngest bitcoin millionaire.
Finman Discusses the Path to Becoming Rich with Crypto
Finman received a $1,000 check from his grandmother at age 12. He didn’t know what to do with it at first but decided to make a deal with his parents: if he could turn that money into $1 million before he reached adulthood, he wouldn’t have to attend a university or college.
Finman was never a fan of school; in fact, he wound up dropping out of high school to turn his attention to bitcoin and cryptocurrency ventures full time once his investments began showing promise. Still, his path towards those millions were somewhat risky.
At around the time he received the money from his grandma, bitcoin was trading for about $10 per unit. He wound up buying roughly 1,000 bitcoins and has since continued to invest his money in the cryptocurrency. Today, he owns nearly 450 units, amounting to approximately $4.5 million.
In an interview, Finman reveals how he came across bitcoin. It was at a protest he attended with his older brother following the financial crisis of 2008. The protest got out of hand, which ultimately saw Finman, his brother all their associates running from the police. In all the commotion, Finman came across a man with a bitcoin logo on his shirt and asked what it was all about.
He’s like a hippie. He’s like, ‘Man, I think it’s going to end Wall Street. All the corruption and all the bad things.
This got Finman interested and he began researching the coin on his own time to find out more. It was then that he decided where he was going to put the money he’d received. From then on, he spent virtually everyday trading more and adding to his growing stash. By the time he was 15, he was engaged in trades of $100,000 or more.
Winning a Great Bet
It was at this time when he dropped out of school and founded an education startup known as Botangle, which pairs students looking to learn online with teachers. He later sold this business for roughly 300 bitcoins, only to buy it back later claiming that he “loved the name so much.” By the time June 2017 rolled along, Finman was 18 years old. The cryptocurrency reached $2,700, which pushed him into the millionaire status.
He had won his bet with his parents and was not made to attend further schooling. He is now a 20-year-old Silicon Valley executive running a new bitcoin trading tool known as Coin Bits.