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July 12, 2018

Youngest Bitcoin millionaire

Imagine a boy who decided to invest his money in Bitcoins and became a millionaire at the age of 18 due to the cryptocurrency price increase.

This is a true story of the young Erik Finman of Idaho in the United States, he was only 12 years old when he decided to invest money in Bitcoins. He did not imagine that a few years later he would be a millionaire.

Who is Erik Finman

Erik Finman ficou milionĂ¡rio com criptomoeda

Erik is part of a family that considers it essential to have a good school and university education.

From a very young age Erik had the conviction that the traditional school system was not ideal and did not want to study like the other people.

His parents, Paul and Lorna met at Stanford University in the United States in the 1980s. Both had a college education, the father was pursuing a PhD in electrical engineering, and his mother in Physics.

Erik decided to discuss the matter with his parents. In young Erik's view it was not necessary to go to college to become a millionaire and he was very willing to fight for this idea and did not want to go to university.

Betting with his parents

Erik's parents agreed that the son could prove his point, but they made a bet that if he did not become a millionaire by the age of 18 he would have to attend college. Erik then agreed to that bet.

At only 12 years old Erik now had a great mission to become a millionaire and the chance appeared when he decided to invest in cryptocurrency.

The cryptocurrency that changed everything

In the year 2009 the Bitcoin appeared in the market, it was a project of a pseudo hacker named Satoshi Nakamoto and that digital currency would change the future of young Erik. To understand more about Bitcoin read the article: What is Bitcoin.

Erik's interest in the cryptocurrency came through conversations with one of his brothers, in 2011 when Bitcoin was gaining more value in the market but was still quoted in the tens of dollars.

The first investment in Bitcoin

To Erik's good fortune, his grandmother gifted him with the money she had to contribute to the children's school fund. He won a check for $1,000.

With that money, Erik bought 83 Bitcoins that at the time were worth only $12 each coin and over time the cryptocoin was increasing it value and at the end of the year 2013 Erik sold his Bitcoins for about $ 100,000.

The entrepreneurial spirit of Erik

With the money earned in the investment with Bitcoins, the teenager opened a company called Botangle that allows interaction between teachers and students from different parts of the world through a system that uses the Internet.

In the year 2015 Erik sold the company and decided to receive the value in Bitcoins, it seemed that he was really confident in the future of the Bitcoin.

The negotiation was made for the total value of 300 Bitcoins that at the time were already worth about $200 per unit, which guaranteed a value around $60,000.

In this negotiation, Erik refused an offer of $ 100,000 in cash and preferred to receive the 300 Bitcoins because he believed in the future of the coin.

The increasing price of the Bitcoin

Always betting on the value of the currency, Erik continued to work to accumulate more Bitcoins and reached a total of 403 units of the currency. In the year 2017 during an interview the calculation showed that he already had more than 2 million dollars in Bitcoins (a total of $ 2,296,294).

Below is a video with Erik's interview in 2017.

Source: CBS Morning

At the age of 18, Erik is already talking about  using his Bitcoins to buy luxury cars like Lamborghini. Perhaps you can learn how to do that too.

Books and stuff about Bitcoin

There are books of experts in the area of cryptocurrency. If you want to understand more about bitcoin it is worth checking the links below:

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