Erik Finman is one of the world’s youngest bitcoin millionaires, an achievement that he’s not shy about flaunting. He started investing in bitcoin at the age of 12 and became a millionaire as a teenager. Let us have a glance at 15 things you did not know about this young achiever.
Eric grew up on a llama farm in Post Falls, Idaho. His parents met at Stanford while getting their doctorates in electrical engineering and physics and his entire family, he says, is very smart. Erik is the youngest of their three sons.
2.Introduction to bitcoin
Eric first heard about bitcoin when his older brother took him to an Occupy Wall Street protest following the financial crisis of 2008. While running from police at the protest he saw a man wearing a bitcoin shirt. Eric asked him what bitcoin was and there he learned about bitcoin from a hippie and he fell in love with the revolutionary potential of cryptocurrency.
3.Bought first bitcoin at age 12
In 2011 summer, Eric used his scholarship fund of $1000 from his grandmother and bought his first bitcoin when it only cost around $10. He bought around 100 bitcoins.
At that time the world’s first digital currency was just two years old and traded for $10.
After that for three years he just traded to get more.
4.Dropped out of school
Just a few years later, when Eric was 15, bitcoin hit around $1,100. He sold $100,000 worth of bitcoin when the currency was on the up. He dropped out of high school and moved to San Francisco. With the money he started an online educational business called Botangle, which paired students with teachers online via video chat.
One of the reasons to sell his bitcoins was that he wanted to enter a raffle costing $8500 as he wanted to meet his idol, Reddit cofounder, Alexis Ohanian. Eric won aqmd met Alexis.
5.Inspiration to start Botangle
Eric was inspired by his own negative experiences with school to start online educational business. He says he had “a terrible school life”. One of the teachers told him to drop out and work at McDonalds while another held an “Erik Finman roast session” where students were encouraged to make fun of him.
When an article on his success came out he sent that to the teacher who had asked him to work at McDonald’s.
6.Bet with parents
Despite his business success, his parents were determined that he complete his studies. So he made a bet with them: “if he made $1 million before turning 18, he wouldn’t have to attend college.”
7.Gambled on the sale value of Botangle
In 2015, Eric sold Botangle’s technology which is considered his best business move. The buyer made an offer to him either he could take 300 bitcoin or $100,000 cash; he chose to take for the bitcoin. At that time it was a gamble that he took, as bitcoin had dipped and was worth around $200.
8.Became a millionaire
In June 2017, when bitcoin’s value crossed $2700, it made Eric a millionaire. As a result of which Eric won the bet he had made with his parents. His first big purchase was an Audi R8.
9.Cultivated a persona
To get people to be interested in his projects, he started creating a persona of himself on instagram. To look like an eccentric young bitcoin millionaire he did all crazy stuff and posted it on instagram. He wanted to fit in the stereotypes of millionaires.
10.Worked on a NASA program
Like his mother, Eric is also interested in space exploration. In December 2018 he led the project ‘da vinci’. He launched a satellite containing a digital time capsule into space along with a group of teenagers under the NASA’s ELaNa program. The capsule contained popular music and videos as well as other representative sounds of life on earth, and a Taylor Swift CD.
The project commemorated the 40th anniversary of the Voyager launch, which carried the “Golden Record”, a compilation of music and images from Earth, curated by the astronomer Carl Sagan, into space as a gift for any extraterrestrials who might stumble across it.
11.Created Doctor Octopus suit
On May 2018, Eric with the help of a team of engineers created a robot suit based on the four-armed contraption worn by Doctor Octopus in Spider-Man for a 10-year-old child with hypermobility issues. The child, Aristou Meehan, is the son of one of Eric’s mentors, and wanted his own Doctor Octopus suit to help “solve his problems”. So Eric made it for him.
In May 2019, Eric launched CoinBits a new Bitcoin investing platform. He aims to bring crypto to the masses. He says: “The goal of the application is to make cryptocurrency not just more accessible but to make cryptos and blockchain technology tangible and more tactile.”
To maintain security and avoid data beaches 98% of bitcoins are stored in cold storage on the platform and some of it is not even kept online.
13.Investor of MetalPay
Metal Pay was launched in August 2019. Eric became one of its major investor. He feels MetalPay is Facebook Libra’s killer. He’s dumping all of his Bitcoin holdings into Metal, a cryptocurrency that launched an ICO in 2017.
Metal (MTL) is the token behind Metal Pay, a wallet that lets users store multiple coins and exchange them for USD seamlessly.
Eric also took up a role at the company.
Eric’s new big project is to build a physical school and disrupt education. He says it is still in early stages so prefers to remain tight-lipped on the actual details.
Eric claims to be the youngest person to have become bitcoin millionaire. As in August 2019, he holds 446 bitcoins which are worth $4.5 million.