Many of us had the opportunity to invest in Bitcoin back when the cryptocurrency was very cheap. However, we also knew it to be very volatile and risky. Those who had high-risk tolerance and took a chance on the virtual currency are quite happy today. Take Erik Finman’s example, he’s a high school dropout who has surfed the Bitcoin wave to millionaire status.
Finman actually made a bet with his parents that if he was able to become a millionaire by the age of 18 they wouldn’t force him to go to college. It helps that Bitcoin is at an all-time high of $2,700 as his 403 Bitcoins are currently worth $1.09 million.
He started investing in the currency back in 2011 when one Bitcoin cost $12. Finman acknowledges that Bitcoin is volatile but he has faith in the cryptocurrency’s future.
“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin,” he tells CNBC. Others have also predicted that Bitcoin might be valued as much as $100,000 in just one decade.
Finman was only 12 when he started investing in Bitcoin back in May 2011 when the price was at $12. He used the $1,000 gift from his grandmother and a tip from his brother Scott. He sold his initial investments in 2013 when a single Bitcoin cost $1,200.
He took that $100,000 and launched an online education company called Botangle. He sold Botangle’s technology to an investor who offered $100,000 or 300 Bitcoin at a time when the cryptocurrency’s value had crashed to $200.
He believed that Bitcoin was the next big thing so he chose that over $100,000 in cold hard cash. That belief has paid off in a big way because as per the current value, his Bitcoin holdings are worth over a million dollars.