What millionaire didn't go to college?
Crypto currency - Bitcon millionaire: "If you don't become a millionaire in the next ten years, it's your own fault"
Bitcon millionaire: "If you don't become a millionaire in the next ten years, it's your own fault"
From high school dropout to Bitcoin millionaire: This is the crazy (and questionable) story of Erik Finman. A young man who is very full of his mouth.
Erik Finman hit the headlines last year as one of the youngest Bitcoin millionaires. Now Business Insider was supposedly the first German-speaking online medium to conduct an interview with the 19-year-old American.
More on that in a moment. But first to his crazy-sounding career.
From frustrated student to entrepreneur:
- Because he doesn't like going to school, Erik bets his parents at the age of twelve: If he manages to become a millionaire before his 18th birthday, don't force him to go to college. The parents hit.
- Erik takes $ 1,000 from his grandmother and buys bitcoins with the money that was used to finance his studies. At a price of twelve dollars a coin.
- His strategy at the time sounds simple: “I buy as cheaply as possible and sell as expensive as possible - every single day. Even if the difference was only 50 cents ».
- At the end of 2013, Erik - he was 14 at the time - sold his Bitcoin balance at a price of $ 1200 per coin.
- With the 100,000 dollars, he founded Botangle, an online education platform through which students can be instructed via video chat.
- In 2014, Erik was named one of the 25 most influential teenagers in the world by Time magazine.
- In the same year he asked his parents to be allowed to drop out of school because he was frustrated by the teachers and their behavior. The parents actually consent.
- In 2015 he found a buyer for Botangle, who offered him 100,000 dollars or 300 Bitcoin for the online platform.
- Although the Bitcoin exchange rate was just $ 200 at the time, Erik opted for this option.
- With the share price rising to $ 2,700, Erik becomes one of the youngest Bitcoin millionaires in 2017. So he wins the bet with his parents and doesn't have to go to college.
The bitcoin young wolf
The following tweet from last week shows that Erik feels (a little) like the “Wolf of Wall Street”. Acquaintances asked him if he was selling all of his Bitcoins (after the price slump in crypto currencies). His answer:
Everyone has been asking me whether I'm going to sell all my Bitcoins or not.- Erik Finman (@erikfinman) January 17, 2018
With serious consideration, this is my response: pic.twitter.com/vIceqTHheu
In the current interview with Business Insider, Erik claims, contrary to the warnings of experts, that the purchase of Bitcoins and other cryptocurrencies is still worthwhile. The most recent crash was a setback, nothing more. Or better yet, the opportunity to get in at a relatively low price:
- “There are always ups and downs on the way up. Many people saw this decline coming. It was almost something of a self-fulfilling prophecy after many experts had already spoken of a bubble. "
- "My plan is to continue to have bitcoins - lots of them." And Erik proves to be an advocate of the HODL strategy, i.e. the long-term holding of cryptocurrencies. He would not sell after such a price slide, "because, in my opinion, the chances are really high that the value will rise again to the prices we saw last".
- “You have to be aware that prices fluctuate a lot, especially when you invest a large amount of money. But in the past there have always been these strong setbacks with Bitcoins - and they will most likely also occur again in the future. "
- "If only a fraction of the entire world population uses this technology and thus Bitcoin, we will see an increase in Bitcoins and other cryptocurrencies that we have never seen before."
- "If you work smartly in the field of cryptocurrencies over the next ten years, many people will be able to build up a fortune even better than before."
For the sake of fairness, it should be noted that Erik also points out the disadvantages and risks of Bitcoin and Co. For example, on the considerable power consumption for mining.
You can read the whole interview here.
PS: Of course, Erik's latest forecasts about blockchain technology also apply: Imitate at your own risk! Whether he is right again remains to be seen ...
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