In a world where most 12-year-olds are preoccupied with video games, sports, and hanging out with friends, Erik Finman had a different vision for his future. Back in 2011, when Bitcoin was still in its infancy, this precocious pre-teen made a bold move that would change his life forever.
According to a report by Gerrard Kaonga for UNILAD published yesterday, armed with a $1,245 gift from his grandmother and a burning desire to prove his worth outside of traditional education, Erik struck a deal with his parents. If he could amass a million dollars by the age of 18, he would be allowed to skip college and pursue his entrepreneurial dreams. Little did anyone know that this seemingly naive bet would propel Erik to millionaire status before he even reached adulthood.
At the time of his investment, Bitcoin was trading at a mere $12 per coin. With his grandmother’s generous gift, Erik acquired approximately 103 Bitcoins. While most of his peers were likely scratching their heads at the concept of cryptocurrency, Erik had the foresight to recognize its potential.
As Bitcoin’s value soared over the years, so did Erik’s net worth. By December 2017, when the cryptocurrency reached its all-time high of around $20,000, Erik’s initial investment had ballooned to an astonishing $2.07 million. At just 18 years old, he had fulfilled his end of the bargain with his parents, and then some.
Erik’s success story is a testament to the power of believing in oneself and taking calculated risks. Despite facing discouragement from teachers who suggested he drop out and work at McDonald’s, Erik remained steadfast in his pursuit of financial independence. His unwavering determination and keen eye for emerging technologies enabled him to triumph over the naysayers and carve his own path to success.
However, Erik’s journey didn’t end with his first million. He continued to invest in Bitcoin, eventually amassing a total of 341 coins, which were valued at over $4.8 million by mid-2020. Remarkably, Erik has recently expressed a desire to diversify his investments beyond cryptocurrency, citing a weariness of being known solely as “the Bitcoin person.” He has since ventured into the world of aircraft investment, which he claims has been a lucrative endeavor.
In a CNBC interview from 2018, shortly after he had become one of the youngest Bitcoin millionaires, Erik emphasized the accessibility of Bitcoin, highlighting that individuals could purchase fractions of a Bitcoin. He expressed a strong belief in the future value of Bitcoin, advising against frequent cash-outs. Instead, he advocated for holding onto Bitcoin, anticipating significant appreciation in its value.
While Erik was heavily invested in Bitcoin, he also underscored the importance of diversification. He mentioned being invested in other cryptocurrencies and assets outside the crypto market.
Erik said he viewed Bitcoin as more than just an investment vehicle; he saw it as the future of the financial system. He believed that Bitcoin and other cryptocurrencies had the potential to revolutionize how we conduct transactions and store value.
A critical aspect of the interview was Erik’s perspective on government regulations. He acknowledged the possibility of governments attempting to regulate or even ban Bitcoin. However, he highlighted the resilience of Bitcoin’s underlying blockchain technology. According to Erik, this technology ensured that Bitcoin could continue to exist and be used, even in the face of stringent regulatory actions.
Featured Image via Pixabay
