“I believe that you could be a millionaire by investing in blockchain and bitcoin”, a twenty-year-old bitcoin millionaire told MarketWatch, adding: “[…] if you’re not a billionaire in the next 10 years, it’s your own fault.”
He echoes the same sentiment he had more than a year ago, in spite of the bear market that happened in the meantime.
Erik Finman had reportedly dropped out of school to become an entrepreneur, making a bet with his parents at the age of 12 that he’ll become a millionaire before his 18th birthday. He allegedly used the EUR 1,000 euros from his grandmother intended for his studies and bought bitcoins for about EUR 10 each. Now, he's allegedly in possession of about 450 bitcoins, which is worth about USD 3.6 million based on current prices.
Though some may be quick to dismiss him due to his youth, let’s remember that he’s already got eight years of experience under his belt. Finman is a strong proponent of investing in crypto, sticking with it through the bear and the bull market and whatever price swings occur for at least the next decade, believing that that’s how anyone can reap the most benefits. He likens the current state of the cryptosphere with the internet in the 1990s – the very invention that made digital currencies possible – or major companies like Amazon in their early stages of development, and there is no denying that both have achieved unparalleled success.
“But the biggest mistake they [people who just recently entered cryptocurrency] can make is to get out of the market now and sell their bitcoins just because of a setback”, Finman told Business Insider in January 2018, during a crypto winter. “It is important to know — and especially when you invest a lot of money — that the prices fluctuate greatly.”
Finman listed three factors to MarketWatch, which, in his opinion, stand behind the current rally:
- Current U.S.-China trade tensions that certainly bring uncertainty into global markets and that might perhaps drive many Chinese investors to invest in Bitcoin, instead of yuan, as a safer of the two options;
- The Consensus 2019 conference, that proved to be a popular event for the digital asset community.
- A constant support for cryptos coming from major players coming from the worlds of both large crypto investors and traditional Wall Street firms.
Bitcoin has reached the USD 8,000 mark yesterday, standing at 60% from its all-time high in December 2017. At pixel time, Bitcoin trades at c. USD 8,033.