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Erik Finman, a 22-year-old, proclaims himself the youngest bitcoin millionaire. Eric, at 18, became a millionaire in June 2017. At that time, bitcoin's value had shot up to $2700.He has grown his worth to 446 bitcoins, worth over $4.5million after an investment of $1,000 in bitcoin at 12 in 2011.
Erik is the youngest of three sons of Paul and Lorna, who met at Stanford University as they pursued their Ph.D.
Finman was born in California, raised in Post Falls, an outskirts town of Coeur d'Alene, Idaho, and later moved to New York. Eric is the last born and had a challenging childhood seeking the approval of the mother.
He began his schooling life at home. After first grade, he joined a series of public and private schools but had strains with education. He did not like schooling though he was brilliant. He once mentioned in an interview with B2(The Business of Business) that a teacher told him he should discontinue and work at McDonald's.
Eric dropped out of school because he could not find his dream in the school system. He made an agreement with his parents that if he attains a million dollars before he is 18 years old, Finman will not go back to school or college, which he achieved.
How Eric Finman made it to a Bitcoin Millionaire
Finnman found out about bitcoin in 2008 through his brother, who brought him to Jefferson Memorial in Washington, DC. In the middle of that protest, some people got arrested for dancing and among them was one guy wearing a bitcoin shirt. As they were running from the police, Finham asked the guy what it was, and he answered, "it's going to end Wall Street, bro,."After this, he researched bitcoin and realized its great future.
Finman used 1,000 dollars given by his grandmother to fund his schooling, to purchase 100 bitcoins. During that time, bitcoin was worth 10-12 dollars. After that, he spent most of his time trading to multiply the bitcoins for three years alongside schooling, Finman told Business Insider in an interview. At age 15, Finman sold bitcoin worth $100,000. At this time, the currency was selling top. It was then he dropped out of high school and founded an online education business called Botangle. The business target was to match students with tutors through video chat.
Finman says his terrible school life was the inspiration for starting up the business.
He also sold the bitcoin because he wanted to win a raffle worth $8,500 to meet his icon Alexis Ohanian, a co-founder of Reddit, which he won and met Alexis.
In 2015, Finman was 17 years old, and he made a great business move. He sold Botangle's technology after two years of starting it. He sold it at 300 bitcoin, which is equal to 100,000 cash. Years later, he repurchased the brand because he loved its name so much, Eric said at an interview with the business insider.
At the age of 18, In June 2017, bitcoins rose to $2700, and Finman became a millionaire.
Apart from bitcoin trading Eric Finman has also taken part in technology inventions. In 2018, December he led a Project named da Vinci, in which a group of teenagers inaugurated a satellite into space with an artifact. Taylor Swift also supported the artifact by signing a copy of her "1989" album.
The satellite was part of NASA's Educational Launch of Nanosatellites program, supporting students in inaugurating small satellites.
Finman also launched a bitcoin investment tool, Coin Bits, In May 2019. He also invested in Metal Pay which was launched in 2019 August. He calls it "the Facebook Libra killer" Finman announced in a video that he was ready to gamble all his bitcoin on this project.
Wrapping up, Finman says that his target project is to do something in the education space, which is inspired by his terrible experiences in school.