In the world of cryptocurrencies to date, more than a few millionaires, have been made. In the case of 18-year-old Erik Finman, a $1,000 cash gift from his grandmother turned into over a million dollars after he invested it in Bitcoin back in 2011, at $12 a coin.
His early investments in Bitcoin helped him win a bet with his parents — if he became a millionaire before 18, he could opt out of going to college.
Among other accomplishments and ambitious plans, the young millionaire has stated that he plans to launch a satellite ‘time capsule’ with NASA to orbit the earth.
Finman is still actively involved in the cryptocurrency space. Talking to CNBC this week, Finman insists that he is still passionate about Bitcoin and admits it is always hard to part ways with the valuable virtual currency.
“Whenever I sell a little bit of Bitcoin or pay for something in Bitcoin, I multiply that price by ten, because that’s where I think that Bitcoin’s going. I think it’s going to be huge, and I think it’s going to be incredible, so I try not to take out any.”
Following a massive bull run since October, Bitcoin hit the $20,000 mark this weekend. With such significant price growth in a relatively short amount of time, investors looking to get their hands on Bitcoin will have to fork out a lot of money to get a sizeable amount.
Nevertheless, Finman says the time is still right to buy the pre-eminent cryptocurrency, recommending giving Bitcoin as a holiday gift:
“I think it’s a wonderful time to buy Bitcoin. You can actually buy a fraction of a Bitcoin. Buy $100, $50 worth of a Bitcoin. It would be a great stocking stuffer.”
Finman reiterated his belief that virtual currencies are not just an easy way to get rich - they are at the forefront of a fundamental change in the way people transact and store wealth.
“Bitcoin to me, it’s not just an investment. It’s not just maybe a get rich quick scheme as a lot of people put it. I see it as the future of currency I see it as the future of the financial system.”