A well-timed investment of $1,000 in bitcoin has earned a 15-year-old Idaho entrepreneur more than $100,000 and allowed him to found his own education startup.
Erik Finman took $1,000 he received as a gift from his grandmother and invested it in bitcoin back in 2012, according to a report by Mashable. After holding his BTC for one year, Finman sold his bitcoins for $100,000.
Finman ultimately decided to reinvest his earnings into Botangle.com, an online video tutoring service that "allows students and tutors access to a diverse array of resources that just do not exist in a normal classroom setting", according to its official website.
Notably, Finman pays his employees in bitcoin. He told Mashable that he enjoys "sharing the wealth of bitcoin", saying:
"I have no doubt it will be huger [sic] than anyone can imagine right now. Bitcoin is like the Internet in the '90s."
During a question-and-answer session that he took part in last month on the Entrepreneur subreddit, Finman explained how he first came to learn about bitcoin, writing:
"I owe a lot to my older brother. He told me about bitcoins and help[ed] me get set up with 0.2 bitcoins that he gave me. And my grandmother just out of the blue gave me a $1,000 check for Easter."
He continued by saying that he accrued more bitcoins "so I can trump my brother in how many bitcoins he had", adding that he first learned about bitcoin in 2010.
Luckily for Finman, he sold his stash of bitcoins when the price hovered around $1,200 per bitcoin.
Though entrepreneurs may not be able to replicate Finman's success, they can learn from those who have entered the industry through more conventional in-roads. For more on how today's bitcoin startups are making gains despite the tribulations of an emerging market, read our most recent report.
Image via Mashable
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Brazil Moves to Probe Banks After Crypto Exchanges Denied Services
Brazil's antitrust watchdog is investigating whether the major banks in the country worked together to close off access to cryptocurrency services.
The Administrative Council for Economic Defense (
Japan Lost $540 Million to Crypto Hacks in First Half of 2018
After news broke yesterday of yet another hack of a cryptocurrency exchange in Japan, the country's police authority has released figures revealing the rise in such attacks this year.
Coinbase Refutes Claims in New York Attorney General's Exchange Report
A recent report published by the New York Office of the Attorney General (OAG), which claimed several cryptocurrency exchanges it investigated are vulnerable to market manipulation, has drawn backlash
Singapore Central Banker: No Tokens We've Reviewed Need Securities Rules
The Monetary Authority of Singapore (MAS), the city-state's de-facto central bank, believes that no tokens it has seen need to be regulated under its securities laws.
During a fireside chat at Coi
Messaging Giant LINE Unveils Ambitious Plan for Crypto Token Ecosystem
LINE, the messaging app giant from Japan, has unveiled plans that will see it launch an ambitious, token-powered ecosystem by the end of 2018.
Aimed at capitalizing on the company's big user base –
Crypto Advocate Cody Wilson Charged With Child Sexual Assault
Cody Wilson, founder of the 3-D printed gun company Defense Distributed and cryptocurrency advocate, has been charged with sexually assaulting a minor.
According to an affidavit obtained by CoinDes
Crypto Exchange Zaif Hacked In $60 Million, 6,000 Bitcoin Theft
Yet another Japan-based cryptocurrency exchange has been hacked with a loss of total 6.7 billion yen, or $60 million worth of cryptocurrency, including 6,000 bitcoin.
The exchange, called Zaif, ope
Coinbase Hires Fannie Mae Executive as Chief Legal Officer
Crypto exchange Coinbase has hired a new chief legal officer in its ongoing push to grow its leadership team.
Brian Brooks, a former executive vice president, general counsel and corporate secretar