Charlotte Clad
Bitcoin has been involved in some of the most bizarre rags-to-riches stories the internet has ever seen. Yet no one could predict Erik Finman’s future as the world’s youngest Bitcoin millionaire, aside from Erik himself. Let’s look at this young investor’s incredible story.
Destined for Greatness
Many millionaires will tell you that they were destined for greatness from a young age. Young Erik is among those, as he realized very early on that working a 9-to-5 job just wasn’t in the cards for him. No, he would much prefer to own the company.
Taking $1,245 he got from his grandmother, the young entrepreneur bet it all on Bitcoin. He was 12 at the time, and he sort of understood what the big deal was. When BTC was trading at around $12 per coin, young Erik bought a stash of 103 BTC.
The Rollercoaster Ride Of the Century
Bitcoin, the world’s first cryptocurrency, has seen its share of ups and downs. However, the currency has managed to hold onto a pretty hefty price despite seeing swings in its value. At its most expensive point, BTC was worth almost $69,000.
In the 2010s, however, BTC wasn’t worth much of anything. The currency was on the upswing, but it was mostly still the expert area of computer nerds who were thinking about mathematical ways to simulate a currency.
A Small-Town Guy With Regular Parents
Many millionaires, possibly the vast majority of them, benefit from generational wealth. This leg-up makes it much easier for them to start a business and get funding for their great ideas. Yet Erik’s own initiative led to him becoming a millionaire.
Erik grew up in the sleepy town of Post Falls in Idaho. His parents were both Stanford graduates, which might explain why he was smart enough to spot BTC as something that would blow up in popularity. They didn’t actively oppose his rise to success, but given the chance, they bet that he couldn’t do it.
Betting The Farm
When Erik bought his first set of BTC, he figured that it would be worth a lot someday. His parents, however, were not so keen on the idea. Erik made them a bet that he could become a millionaire by the age of eighteen. As most people thought that BTC was worthless back then, they took him up on it.
The rules of the bet were that if he weren’t a millionaire by age 18, he would have to go to college and get a job. However, if he had accumulated millionaire status by then, he wouldn’t have had to attend college and could do whatever he wanted. Erik was going to make this work.
“It’s Going To End Wall Street, Bro“
So, how did Erik, a kid, learn about Bitcoin and its potential to change the world? According to him, he found out about it in passing during a protest in Washington, DC. He says that his parents took him to the protest, and he saw a guy wearing a Bitcoin T-shirt in the midst of the people.
Naturally, the curious Erik asked the guy what the t-shirt was about. The man responded, “It’s going to end Wall Street, bro,” and ran off before young Erik could ask anything else. Yet that single moment stuck with him and encouraged him to invest in the experimental technology.
Becoming a Millionaire And Enjoying It
Erik’s first brush with becoming a millionaire happened when the BTC price struck $27,000 in 2017. At that time, he was still getting to grips with the fact that his initial bet on BTC had paid off so well. So, naturally, when he became a millionaire, he decided to travel.
He visited Dubai, London, Sydney, Prague, Hong Kong, and pretty much anywhere his money would take him. Yet his hunger for success continues as he sees this point of being a millionaire as just a stepping stone to even greater things.
Current Assets In Excess Of A Million
Today, Erik’s assets have topped a million dollars. Even though the price of the currency has fluctuated significantly, his current BTC holdings are worth around $14.9 million. However, he has diversified from being invested in just BTC and has assets in several other cryptocurrencies.
However, if the market had remained at its peak value of nearly $69,000 per BTC, Erik’s stash would be worth a cool $23.5 million. Yet this hasn’t fazed the young millionaire who doesn’t see himself as the kind of person who lives a lavish life. He’s been quite frugal with his gains to this point.
Moving Out of Just Cryptocurrency
Erik’s first foray into non-crypto business was an idea he came up with at the age of 15. Using his newly gained cryptocurrency capital, he started a business named Botangle, an Edutech company that would allow anyone to learn a skill from someone who uses that skill.
During this foray into non-crypto business, he spent his time hiring freelancers from around the world to help build his business idea. The startup was his first experience with running a business, and he was shocked that people would work for someone who was only 15. Granted, he never told any of his employees his real age.
Planning On Diversifying His Portfolio
While Erik is already a multi-millionaire, he’s soured on the idea of cryptocurrency. He doesn’t see it as an investment vehicle from which he can make millions. Instead, he thinks it’s time to spread out his investment to other areas likely to generate better returns.
His most recent investments have been in the aviation field. Erik admits it goes against most of what he understands about investment and that Warren Buffet himself states to avoid aviation companies. Yet Erik has made quite a bit of money betting on airlines.
Opening The Door to the Little Guy
Erik has always been someone who believes in the ability of anyone to become anything they want. If anything, he’s a success story for those who can spot a good idea early and get in on it. In 2020, he introduced a bill to Congress to help smaller entrepreneurs get the start they need to thrive.
As a millionaire, he’s seen many things happen. While he’s still heavily invested in cryptocurrencies, he’s also diversified his portfolio to a large degree. Erik shows us that learning about things and following up on what we’ve heard can give us the information to make life-changing decisions. Not bad for a youngster from Post Falls, Idaho.
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