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

[david_019]

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?   


[/quote/]
oolwhat he did was a foolishness in front of all who witnessed his decision during that time. But the best luck to him because that foolishness made him rich at the early age. The decision is unexpected from a young boy who really committed himself for something which was craziness to others. well I think there is actually no new since from the beginning for every person who became rich from something which was foolishness and craziness to others.

[btckid001]

What I think is that BTC is equal with everyone and success doesn't need additional educational attainment. what's more, youngers has easy ways to collect the information he wants and trades the crypto-currencies in the market. To be honest, I'm newbie here and jealous of him when he is a millionaire at 18.

[Carmen03]

Erik Finman made a bet with his parents that if he turned 18 and was a millionaire ,they would not force him to go to college. Thanks to his savvy investment in bitcoin and the current  time high valuation ,"He wont have to get his degree. He said I can proudly say "I made it, and I'm not going to college, Finman said .He currently owns 403 bitcoins which at the current $2700 a coin put his bitcoin value at &1.09 million.He also has smaller investment in other cryptocurrencies, including litecoin and ethereum. Finman said "Personally I think Bitcoin is going to be worth a couple hundred thousand to a million dollars  a coin , he said.

[Kiweikoo]

this can be a passion for young people today even though they are young but they are able to become young millionaires

There are positive and negative aspects of everything you see in this world. Same is the case in this scenario as well and that you need not to leave your school because of it.

This can be very much true that the individual would have made this much of the earnings because of investing his money into bitcoin but the thing is you really need to be very much careful at time of investing and above all at time of making some critical decision.

[Mersterious]

he is a lucky man and have a lucky time . there are positive and negative aspects of everything you see in this world.

[Blackrain13]

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?   

      It is a very inspiring story that a young people with out enough knowledge in investing became millionaire just because of believing in bitcoin. It is also an encouragement story that every one who believe in bitcoin has a chance to become successful in life through bitcoin.

[gabmen]

I salute to this young man who became millionaire at a young age, though a dropped out in high school but was able to excel in other way. That's the good thing in btc, no educational attainment required but you can earned more compare to those who are working in industry.

Well, the only thing I could say about this kid is that, he take the risk as it will depends either it will loss all he invest or not. Some point, we try to take a risk but most risk situation that we encounter in life couldn't be lucky enough unlike that kid who could easily become a millionaire unlike those people have already old here in bitcoin community. Thus, only time can tell for each and everyone of us here in bitcoin community but in some point only our fortune if we could lucky enough or not.

The audacity of youth. One thing about dropping out is that you open yourself up to other options other than what you can get from studying. The problem with this is that very few get lucky to make something out of it. Personally i'd prefer to still study to plan for a future. There's way less percentage of people succeeding compared to those dropouts that end up with nothing

[snaper14]

being wealthy with a chance is not a indicator of intelligence and some people don`t understand that it would be so much better for yourself and the whole world to become an educated millionaire rather than uneducated billionaire. They usually give the example of Steve Jobs or Bill Gates that dropped the university which they don`t understand that they did it because were more intelligent than the professors and took only the courses which were needed for them even though the courses were from the other classes.

[Indai24]

being wealthy with a chance is not a indicator of intelligence and some people don`t understand that it would be so much better for yourself and the whole world to become an educated millionaire rather than uneducated billionaire. They usually give the example of Steve Jobs or Bill Gates that dropped the university which they don`t understand that they did it because were more intelligent than the professors and took only the courses which were needed for them even though the courses were from the other classes.

I salute to these people who were able to make it even though they were not able to finish their studies and one of these people are Bill Gates, Steve Jobs as what you've mention above and it is not always a guarantee that if you finish your studies there will be brighter future for you compared to those who don't. Everybody deserves to be successful whatever you achieve in life, you'll just have to be patient in everything and persevere in everything that you do.

[almersyn]

inspiring story, at 12 years old has bitcoin and invested in the long run. It's great and needs to be replicated. All can be searched with money including school

[maydna]

this is a good lesson for us to follow his step. he only believes that bitcoin will be worth in the future and he invests his money because he has a faith that bitcoin will become expensive. and now, he is making a huge money with he believes and I think he is a success to make his money to explode for a long time. congratulations to him because he can make his dream become true and now, he is one of the new millionaire people from bitcoin and he is a successful person which invest his money in cryptocurrency.

[jhonvir666]

    Bitcoin does not want to be a member here at any time when you are looking for a kid who is as old as you would like to work on bitcoin with a change in your wealth someday because even your young enough can invest in bitcoin so let's just work and we just have to wait for someday that we're one of the so-called billion in bitcoin. we're open tomorrow when we're awake you're one of those millions here. so invest in a cryptocurrency.

[ganlianshifu1]

People who bought BTC early are now financially free!

Time also can not turn back, the opportunity missed is impossible to come!

You don't have to envy others, and you can get financial freedom by remastering the blockchain.

[mix max]

Interesting story, but not a motivating story. I think however education remains number 1. For me education is an obligation and responsibility. I hope the story does not result in the dropout rate growing

[jame suny]

 would like to know how he thought of buying bitcoins and where he took the finance for such purchases. I do not think that this was planned for 2008.

[addeqt]

I ever wonder how many students who drop out of college have been successful in their life?
And how many students graduate from college that become successful in their life?
I think there are only few dropout who made to riches or become successful.
It seems that there are some sort of irregularity or hidden info in the writings.
It is also not clear for me why choose bitcoin rather than cash if the cash could bought
much greater amount of bitcoins. Or maybe in that time, this dropout really want bitcoins
so he can use it in the silk road. What ever happened then, I am glad he become millionaire.

[ngano ba]

That might be true because if he is working and his investment for a long period of time , then it had develop for that span of time , and slowly by slowly it grows and now he is a millionaire, believe it or not but for me , I believe that is true.

[kencot]

Why not mention the reason what makes him drop out of school. If it's because of financial problems I think I should be giving a thumbs up because of his passion to make money even if he dropped out of school. It would be better if he went to school.

[Pamahaw]

This only shows that anyone that who had access to the internet and have knowledge about bitcoin can become millionaire in our own rights. It would be better if we start young so we could enjoy the wealth that we had.

[popba]

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.