Erik Finman is one of the few people who managed to become a millionaire with Bitcoin.
However, his story is far more extraordinary because he was only 18 years old when he made it.
At a very young age, Finman decided to buy Bitcoins after getting a hint from his brother.
Today, his investments have definitely paid off.
Currently the 403 BTC he owns is valued at $2,622 bringing its total value to $1.06 million.
Finman’s story started six years ago when he was 12.
He received a gift of $1,000 from his grandma and invested it in Bitcoin. At that time, the price of a Bitcoin was about $12.
He had decided against going to a college if he managed to earn a million dollars before turning 18.
While his Stanford-educated parents didn’t particularly favor the notion, they gave in to their curiosity and made the bet.
The reason for the decision to skip college started early in high school.
Growing up in Idaho was difficult for young Finman.
High school was a frustrating experience for him. He also recollected that one particular teacher asked him to drop out.
Seeing no one at his high school believed in his potential, Finman decided to simply believe in himself.
Where others might have crumbled, he set off on his path determined to find success.
He received the first fruits of his investment towards the end of 2013.
His $1,000 investment had blossomed into $100,000. He sold what he had and used the money to relocate to Silicon Valley and start Botangle.com.
Botangle is an online tutoring website that allows tutors and students to access various resources that wouldn’t be so easily available in a real classroom setting.
He also hired a team of more than 20 employees, including developers, programmers, designers and even animators.
Though it was difficult for him to be taken seriously by his peers due to his young age, he was able to find a team that showed full support for his endeavors.
In 2015, Finman sold Botangle for 300 BTC. He was offered $100,000 by an investor, but he decided to go for Bitcoin instead.
At that time, each Bitcoin went for $200 and so he had sold his company for $60,000, an amount far less than what the investor was willing to pay in traditional currency.
But he believed that Bitcoin was worth investing in, and that belief paid off tremendously.
Within a single year, the price of Bitcoin shot up by 300 percent.
Finman currently has no aspirations to get a degree from a college.
His thoughts on education were perfectly summarized through his words (spoken to news outlets): “The way the system works, I wouldn’t recommend it.
It doesn’t benefit anyone. I would happily advise anyone to learn everything for free from the internet, especially YouTube and Wikipedia.”
The technology behind BTC and blockchain enabled people to transact without a middleman.
A blockchain is an online database that anyone can use. It doesn’t belong to a specific individual or organization.
Since everyone can have access to it, cheating becomes nearly impossible.
Just as a blockchain platform could allow people to make money by reducing their overhead costs, the same can be said for the internet.
Bitcoin as a currency is extremely volatile, with prices sky rocketing up and then plummeting down at a moment’s notice.
Some people become rich with their Bitcoin investments, whereas others have lost their money.
While some speculators believe Bitcoin has already hit its highest value, others estimate that price of a single coin might go up to $100,000 within the decade.
News outlets report that Finman unsurprisingly had this to say about the future of Bitcoin, “Personally I think one Bitcoin may be valued at $200K or a million dollars per BTC.”
He just might be right about Bitcoin.
Who knows? The remarkable success story of Erik Finman has already encouraged everyone who wants to become an entrepreneur.
Though nobody took him seriously in the beginning, he proved everyone wrong that age is just a number and anyone can become a millionaire.
In addition to Bitcoin, he has also invested in a few other cryptocurrencies such as Ether and LTC.