If this teenage bitcoin millionaire has any predictive powers, we’ve hardly seen the top of the market for the cryptocurrency. Erik Finman started picking up bitcoin at $12 apiece back in May 2011, when he was just 12 years old. Riding a hot tip from hits brother Scott and $1,000 from his grandmother, the teen was able to turn a nice gift into over a million dollars.
He’s now the owner of 403 bitcoins, and while the cryptocurrency has been fairly volatile lately, at a Wednesday morning price of $2,773.54 each, the now 18-year-old Idahoan’s stash is worth just over $1.1 million.
“Personally I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin,” said Erik.
Finman cashed out his first bitcoin investment back in 2013 and founded Botangle, an online education company that provides tools for locating instructors in subjects they care to learn about. He wasn’t a fan of high school and convinced his parents, both Ph.D.’s, to let him drop out at 15.
“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 dropout part,” the young bitcoin millionaire said.
He didn’t really want to go to college, either, and won a bet with his parents that if he was worth a million dollars by 18, he could skip it.
He was, and so he did.
Finman encountered discouragement from an Uber executive, who, instead of listening to his Botangle pitch, told him he should count on college rather than bitcoin millions. The teen did end up successfully selling his company’s technology for 300 bitcoin. He has said he also turned down a $100,000 offer.
Bitcoin prices have risen more than 300% in the span of a year, with the bulk of the gain coming during May and June. Ethereum, one of its chief rivals, has also seen big gains. Bitcoin tapped $3,000 just recently, before a pullback that saw it shed billions in market cap.