Erik Finman, a teen from Idaho, has become one of the latest 'bitcoin millionaires' - someone who has a million dollars worth of bitcoins, following a $1,000 investment he made in 2011 when he was just 12 years old. When he placed the purchase, bitcoins were selling for just $12; today they’re sitting at around $2,700. After his initial investment, he would have had 83 bitcoins, which would be worth quarter of a million dollars at today’s exchange rate, but that’s not the end of the story.
When Finman’s investment grew from $1,000 into $100,000 at the end of 2013, he sold everything to create a company called Botangle which allowed students and teachers to video chat if the student thought their school didn’t provide a suitable education. He sold the company in 2015 for 300 bitcoins (valued back then at $60,000 at $200 per coin) turning down a cash offer of $100,000, due to his belief that their worth would grow massively in the coming years.
Lo-and-behold, the bitcoin price has continued to rise to a whopping $3,000 and in the time since he sold the company, Finman has acquired 103 more bitcoins through further investment, bringing his total worth to over $1 million.
Finman is bullish about bitcoin’s prospects, while some say bitcoin could reach $100,000 per coin, Finman stated that:
“Personally, I think bitcoin is going to be worth a couple hundred thousand to a million dollars a coin.”
If he is right, and he holds onto his 403 bitcoins, he could potentially have a worth of about half a billion dollars.