There are actually probably lots of young millionaires because;
1. due to inflation a million fiat dollars is kinda worthless. To be in the top 1%, you'd actually have to have 10 million dollars.
2. children, like this quoted poster often don't really comprehend money like adults do. They just do with money what adults tell them to. If adults tell them not to spend it, they don't spend it.
3. bitcoin is a technology and children often understand new, disruptive tech much better than adults because adults are stuck in the old paradigm and think of the new tech way of doing things as an "alternative" while children often see the advantages of tech and see that as the logical "normal" with the old way of doing things as the "alternative".
For example, look at all the innovators in silicon valley. All of the early ones were very young. Bill Gates made his first million while still in high school. If I remember correctly, he wrote some software to control traffic lights.
Also, to spend money as a child, you still have to have parental permission. Your parents have to pick up the package from the post office that you ordered because you do not drive a car. Even if you are lucky enough to be American so you can drive at age 16 instead of 21 or 25 in other places in the world (or if you're in an international class city with good public transportation like Hong Kong, London, etc), you'd still get a spanking if you didn't come home straight from school.
When I graduated high school, I had enough cash to buy a car because I couldn't spend any of my money. I blew all my money in a matter of months in college on girls. That's because I finally did not need parental permission to spend money. And I really enjoyed taking girls to Vegas and the Bahamas. Good times....
I bet there are some millionaires in mom's basement, teens who have BTC but don't know what to do with it. Think about when you were younger, it would be hard to figur eout how to sell it, and do things like taxes, and your parents would be all over your case to figure out what BTC even is...
It would be a very disciplined teen to have held on since the early days. I'll bet an awful lot of coins were squandered or lost long before we reached today's price levels. It must be a sweet feeling if they did sit tight.
I started hoarding silver coins when I was seven. My grandpa taught me collect them from change. I didn't understand about inflation though till I was about 10 and didn't understand the why of inflation till I was about 12.
Another relative told me to save money in a bank earning about 3% interest. He put $5 in it for me. In about 5 years, it was only about $5.79. I noticed that the price of a candy bar had gone from 5 pennies to 25 pennies. It was then that I realized that saving money in the bank was a really bad idea. Only saved silver after that. I had over $300 in silver coins by the time I was 18. Sold most of them around $40 an ounce around 1979 just before the Hunt Brother fiasco. My parents needed the money to save their home.
I was upset that they never paid me back, but just let it go. Over 30 years later though, they gave me a piece of property in Hawaii with a cabin on it. So I guess saving that silver paid off in the long run after all.
