High school dropout who invested in bitcoin is now a millionaire at 18

[Windpower]

We all hear many stories of people who dropped out of school/college and are now extremely successful in life with millions of dollars in their pockets. But what we don't hear about are the ones who drop out of school and end up on the streets with no money and no way to make any kind of living. Education is easily the most important thing a person can have right now. That boy is surely a legend as what he did is completely unlike the other stories. At the age of 12 you don't find many people involved in a 100 thousand dollar transaction. He took a huge gamble and took the Bitcoin instead of the cash and it has clearly paid off. However, I think that his story is one of the exceptions and should be an inspiration to the younger generation.

Now, if only I was like that at the age of 12.

[Vishnu.Reang]

This is what happens when you have intelligent friends, who talk to you about new technology such as Bitcoin. Unfortunately for me, no one told me about Bitcoins when the prices were low. Else, I could have become a millionaire by now. 

Yeah, anyone had an opportunity. Unfortunately most saw bitcoin as just a virtual currency, nothing else. Nobody saw what it was capable of until the 2013 price hike which everyone knows and talks about. That was the first mainstream media appearance ever.

To be honest, I first heard about Bitcoins only in 2013. Before that I never heard about it in the media or from the friends. And even when I heard about it for the first time in 2013, I thought that Bitcoin was some sort of an elaborate ponzi scheme. It took me another 3 years to convince myself to collect BTC.

[DRaGoN RaNTaRo]

To be honest, I first heard about Bitcoins only in 2013. Before that I never heard about it in the media or from the friends. And even when I heard about it for the first time in 2013, I thought that Bitcoin was some sort of an elaborate ponzi scheme. It took me another 3 years to convince myself to collect BTC.

It is not your fault that your felt that it is an elaborate hoax or a ponzi scheme as there are new technology coming up on a daily basis and people were trying hard to get some money by working petty jobs online and i am sure everyone got scammed big time and even fell for some elaborate scams and you will be careful when you hear about a new structure. I do not believe the article unless i see the signed message to prove that he really owned 300 bitcoins.

[LouVandetta]

To be honest, I first heard about Bitcoins only in 2013. Before that I never heard about it in the media or from the friends. And even when I heard about it for the first time in 2013, I thought that Bitcoin was some sort of an elaborate ponzi scheme. It took me another 3 years to convince myself to collect BTC.

I know how it felt too, sir.
I, too, at first time when heard about bitcoin I thought it was some kind of new scam.
I think that the kid himself is a genius. Tho he dropped out from high school he became a millionaire now.
That's really amazing. We all know lots of ppl out there dropout from school, and then become a successful person.
But that kid must be lucky like crazy, not everybody could become like him.

[Bitcoin Guy]

Just saw this moive last night from a DVD.
https://en.wikipedia.org/wiki/Why_Him%3F

The boyfriend, Laird, which is an extremely wealthy but socially awkward Silicon Valley millionaire, also did not graduate from high school - if I remember correctly.   

[jovs]

I don't see your question here. What is weird in the story? He did the right thing by accepting bitcoin instead of getting cash. Because he got rid of possible tax and he made a great opportunity for his future.

I also see that reason for him to accept bitcoin rather than cash. It can be the tax system on the specif countrt where if you buy bitcoin on a certain wallet their is a fee or a huge amount of money needed to fillup on the taxation. So for me he did the right choice on getting rid of taxes and getting on invesments through bitcoin directly. But I do not support the idea of dropping out , why not continue schooling for you to earn more or you can even partly make both bt making investment whike studying for both future reasons. Just saying.

[Vaculin]

To be honest, I first heard about Bitcoins only in 2013. Before that I never heard about it in the media or from the friends. And even when I heard about it for the first time in 2013, I thought that Bitcoin was some sort of an elaborate ponzi scheme. It took me another 3 years to convince myself to collect BTC.

I know how it felt too, sir.
I, too, at first time when heard about bitcoin I thought it was some kind of new scam.
I think that the kid himself is a genius. Tho he dropped out from high school he became a millionaire now.
That's really amazing. We all know lots of ppl out there dropout from school, and then become a successful person.
But that kid must be lucky like crazy, not everybody could become like him.

He must be some kind of extra ordinary.Most people who really succeed nowadays are those that are not intelligent in the classroom but rather  it's the average and poor people who dreamed of becoming successful in the future.Those people who used to live independently,used to experience hardships and sacrifices,and used to grab opportunities even if it takes risk.

[Bitcoin Guy]

It was an excellent investment decision. A lot of us actually were around when bitcoins were readily available for $400, $200 or even $100 per coin, but none of us acted upon it. This young man was brave enough to put at stake almost $100k in a technology that hasn't even been proven yet, and not even 10 years old. I commend him for that, and he deserves the rewards. But taking 300 btc instead of 500 btc worth of fiat doesn't make sense at lal to me.

However, we really have to consider this: holding bitcoin for the long term will drive good profits, as it is a hedge against inflation. But is it really worth getting $1 million instead of completing your high school education and having more potential of getting a successful position, climbing your way to the top, or even building your own project that will be the next FB? It's all relative here, but congrats still to the young man. I wonder if he will sell now or still hold, if he holds, he's got some serious balls.

From $200 to $2700 today in 6 years is only a 13.5X of return.  Some stocks may have out performed that.  I think the key is not really about bitcoins, but his success to build a company and sold it at such young age.

[mundang]

I never thought that even at young age he is already a millionaire. I dreamed of it too,to be a millionaire someday. But the problem is were different, cause he has money to invest and me dont have nothing to spare.

[cryptojac17]

This is what happens when you have intelligent friends, who talk to you about new technology such as Bitcoin. Unfortunately for me, no one told me about Bitcoins when the prices were low. Else, I could have become a millionaire by now. 

Sometimes reading stuff completely new to you also helps in enriching not only the mind but also your future. This kid is no extraordinary; he just happened to make the right decision at the right time like most of the millionaires of bitcoin did. It would be extraordinary if the kid did like what the ETH founder did. Wise in investment yes but not that extraordinary, but it feels good.

Let's make it as an inspiration to everybody who is older that this kid, well I am pertaining to most of us here who is more mature than the kid. As long as there is time ticking it's mechanical movement, we can do a lot more and that kid without any bored feeling got into a wealthiest status of life right now by his investment from bitcoin. Eventhough that kid has nothing to do about his schooling, he did it not fair with his teacher but for his future of bitcoin he made it, I think all studies made by a very successful man could lend some money of the kid who drop out. It remind me the stories of bill gates, he's also a drop out from the university where he studied but now his friends who became an engineers was already his trusted workers.

[skyline247]

I just read this today (on Reddit). The way I see it is his parents likely told him to take the Bitcoin and avoid getting involved with taxes, or paying them altogether. The 300 BTC was worth $65,000-70,000 at the time (he said just over $200) which means he saves the cost of paying accountants, not to mention buying Bitcoin in general can be a hassle.

I actually find it reasonable considering he actually got $65,000 instead of $100,000... so it isn't like he stole the tax, but rather avoided it. However, $1,000,000 really isn't so much in today's world so hopefully he has a plan to grow it otherwise he may end up broke in no time.

[cryptoico]

Well he did good call, so he deserves it

[magneto]

I just read this today (on Reddit). The way I see it is his parents likely told him to take the Bitcoin and avoid getting involved with taxes, or paying them altogether. The 300 BTC was worth $65,000-70,000 at the time (he said just over $200) which means he saves the cost of paying accountants, not to mention buying Bitcoin in general can be a hassle.

I actually find it reasonable considering he actually got $65,000 instead of $100,000... so it isn't like he stole the tax, but rather avoided it. However, $1,000,000 really isn't so much in today's world so hopefully he has a plan to grow it otherwise he may end up broke in no time.

Yeah, hopefully he is not going to sell his bitcoin until at least a few decades, and try to make up for the studies that he had missed when he was supposed to be at school studying but was actually selling a company for bitcoins

Your point is interesting because i think that he most likely did it for tax purposes as well. If he was intelligent enough to know that he should invest in bitcoin then he should be intelligent enough to take the best option out of the two as well.

If he was taxed, he could have easily be $20-30k out of pocket. That'll leave him with $70k, which is pretty similar to the $65k figure that he actually took in bitcoin. Then if you take into consideration the trading fees involved with getting bitcoin and the fact that he is buying so much that the market price is going to get driven up by his buy orders, 300 BTC seems like a nice deal in the end.

[aso118]

http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html

Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18.  This is a good story for Bitcoin.

But here is something that I do not understand:

An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."

"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""

Why didn't he take the $100K and bought more bitcoins instead?  Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven.  If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time).  Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.

Am I missing something in here?  Don't drop out from high school?   

Ha ha,,, That is true. The only way that it can be explained is that it was a bad decision made by him.  The investor probably bought 500 bitcoins (with the $100,000 he had) and handed over 300 to Erik. A neat profit of 200 bitcoins, just because he invested in the firm using bitcoins.

[Palider]

http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html

Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18.  This is a good story for Bitcoin.

But here is something that I do not understand:

An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."

"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""

Why didn't he take the $100K and bought more bitcoins instead?  Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven.  If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time).  Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.

Am I missing something in here?  Don't drop out from high school?   

Wow that is really something wish I have also knew bitcoin when it was only at a low price, He is a really lucky person made a huge amount of money because of bitcoin, But I think he still should study for his own interest even if it is not for his carreer.

[Yuhee]

Wow that is really something wish I have also knew bitcoin when it was only at a low price, He is a really lucky person made a huge amount of money because of bitcoin, But I think he still should study for his own interest even if it is not for his carreer.

Well it could be an eye opener for us all because maybe at that time he was just a student and if you really are business minded, it is still a good day to invest in btc or even some altcoins. Because chances are we can become one of those guys if we know where we are investing our money. What ever age we shall not be jealous of how much other people makes because that would just make us cringe. So lets take it as a challenge and earn in our own ways without flaws.

[digaran]

Well OP didn't even care enough to fix the suspicious link, lol, since when having 300 Bitcoins could make you a millionaire? at the age of 12 they go to high school?is he some kind of extraordinary child to get involved with such technologies in early age? I don't know why would this be a good thing for Bitcoin, some body else bought them and now he has less than a million dollars, so what good for him, I bought some shitcoin yesterday hoping for it to rise above $200 each so I could have enough money to buy myself a facking apartment, already 30 years old and still living with my parents, tears and cry and then a lol.
Next week we might hear this poor millionaire of ours was kidnapped by Russian mobs and they demanded a ransom of 300BTC, idiot you don't go around bragging about what you have, people can't stand others having anything.

[btctousd81]

i am dropout and i am not millionare ., , he is really lucky.

wait till bitcoin hits 10k or even 20k theres gonna be lot more millionaires.

[KennyR]

i am dropout and i am not millionare ., , he is really lucky.

wait till bitcoin hits 10k or even 20k theres gonna be lot more millionaires.

Agreed, when price hits such a high value most of the forum user itself will be millionaire. I don't think the person to be an highschool dropout, because he has got the skill to invest into bitcoin rather than anything else. He's an legendary person, who got the luck to be millionaire through bitcoin.

[Seansky]

i am dropout and i am not millionare ., , he is really lucky.

wait till bitcoin hits 10k or even 20k theres gonna be lot more millionaires.

That is for sure, a new batch of millionaires will be millionaires the time bitcoin hits 10k or 20k US dollars the only question is when? I guess this would take a long time, they also need about 100 bitcoin at least to be millionaires at that time which is a very huge amount now. For now if we all want to be a millionaire let's try to gather 100 bitcoin and hold it till bitcoin hits 10k US Dollars.