EMERGING TECH
EMERGING TECH
EMERGING TECH
Idaho teen becomes bitcoin millionaire from $1,000 initial investment
Everyone dreams of making it big with a small investment — even a teen from Idaho, who has done just that.
Eighteen-year-old Erik Finman (pictured) began investing in bitcoin in May 2011 at the age of 12 using a $1,000 gift from his grandmother. Back then, bitcoin was valued at $12 a coin, allowing Finman to build up an initial holding of 83 bitcoin.
Finman sold some of his bitcoin holding in 2013 when the price hit $1,200 and used the $100,000 he raised to start an online education company called Botangle that helped students to connect with teachers. While it was a gallant effort for a 15-year-old, the company wasn’t entirely successful and Finman subsequently agreed to sell the company to an investor who offered either $100,000 or 300 bitcoin. By then, the cryptocurrency had dropped in value to $200 a coin. Finman took the bitcoin and the rest is history.
As of today, Finman holds 403 bitcoin valued at over $1 million, more than a nice return for an initial $1,000 investment. But that’s not all. It turns out that not only is Finman a millionaire, but he also won a bet with his parents – a bet in which they would agree he wouldn’t have to attend university if he became a millionaire by the age of 18.
“I never got my GED, and I don’t see the value in it,” Finman told CNBC. “The purpose of that would be to get another education level and get a job. I had to learn through running a business. Instead of writing essays for English class, I had to write emails to important people.”
Parents may cringe, but Finman continued, “The way the education system is structured now, I wouldn’t recommend it. It doesn’t work for anyone. I would recommend the Internet, which is all free. You can learn a million times more off YouTube and Wikipedia.”
Finman added that he is currently working on multiple projects, including one with NASA that aims to launch a rocket through ELaNa, or Educational Launch of Nanosatellites, which is intended to attract and retain students in science, technology, engineering and math.
Photo: Erik Finman/Twitter
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