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Eighteen-Year-Old Student Is Worth Over $1m Thanks To Bitcoin

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Eighteen-Year-Old Student Is Worth Over $1m Thanks To Bitcoin

Imagine being a millionaire by the time you're 18. There are plenty of things you could do with that kind of dosh. You certainly wouldn't feel the need to continue with your education.

Erik Finman has that feeling, after betting his parents that if he had a seven-figure bank balance by the time he reached adulthood, he wouldn't have to go to University.

Having arrived at such a healthy bank statement at such a young age, Erik is one of the latest success stories to emerge from the dramatic rise in the value of Bitcoin.

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The school drop-out (he quit when he was 15 years old) invested in the coins that, just seven years ago, were practically not even worth the shit on your shoe.

Last month, bitcoins celebrated 'Bitcoin Pizza Day' - the day when 10,000 bitcoins were used to buy two pizzas. Today, one bitcoin is worth $2,500 (£1,950).

Some analysts believe that in ten years, they'll be worth $10,000 per coin (£7856), and considering Finman owns 403 bitcoins, he's on course to make a fortune. Already, his share is worth $1.09m (£860,000).

He's also invested, although not as much, in other cryptocurrencies such as litecoin and ethereum.

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Credit: Instagram

With something rising in value so rapidly, why would you get out? Does Finman know something we don't?

Not really, if what he tells CNBC is true. "Personally, I think Bitcoin is going to be worth a couple hundred thousand to a million dollars a coin," he said.

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It all began when he received a $1,000 (£7,900) gift from his grandmother, which he spent on Bitcoin. He sold that, two years later, for $100,000 (£79,000).

"I had these teachers [at school] that were all kind of negative," he added. "One teacher told me to drop out and work at McDonald's because that was all I would amount to for the rest of my life. I guess I did the drop-out part."

He set up an online education company, called Botangle, in 2015 and was offered either another $100,000 or 300 bitcoins to sell the company. He chose Bitcoin, when it was worth just $200 per coin.

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Finman said he doesn't see the point of going back to education, and instead prefers to learn on the job.

He added: "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."

The man who claims to be behind the growth in Bitcoin is Craig Steven Wright of Australia.

Initially, Bitcoin was seen as a digital competitor to currencies used all over the world. It eventually enjoyed so much success that large financial institutions from across the globe have been putting a lot of time and effort into finding out how they can make transactions faster and cheaper.

Featured Image Credit: Instagram

Topics: Bitcoin

Michael Minay
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