Erik Finnman in May of 2011 at the age of 12 made a deal with his parents to be able to skip college in order to pursue a different type of education. He had to turn $1,000 in cash into $1 million. He purchased $1,00 worth of Bitcoin when the currency was $12 per coin. He worked his way up to be a billionaire by the age of 18, this makes him one of the world’s youngest billionaires. Finnman goes on to tell people that college may not be the way for everyone. This is education that is outside of the normal college realm that worked for him. Finnman will focus on establishing a new start which will make use of cryptocurrencies, and which is intended to participate in the development of a satellite for NASA. Finnman a mother says that “Erik took a very unique path that suited hun and he turned out better for it..it’s so important that everyone find the right educational system that matches their learning style.” Finman first heard about bitcoin when his older brother took him to an Occupy Wall Street protest. He fell in love with the revolutionary potential of cryptocurrency, he says. He was inspired to start a business because he hated his school life. One teacher 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. His parents would not let him drop out of school therefore they made a deal. Education was a big deal for his family since his parents met at Stanford doctorates in electrical engineering and physics. His mom was involved in Nasa in the 1980s and Finnman. In 2015, Finman made his best business move: he sold Botangle’s technology. The buyer offered him either 300 bitcoin or $100,000 cash – he opted for the bitcoin.
This is quite a unique story! I think it is remarkable that Erik was able to strategically invest so wisely, though part of me wonders if this occurrence was based more on luck than skill. Nevertheless, I am glad that he didn’t simply take his money and become lazy, but rather found ways to utilize his wealth and intelligence to discover great new things!
It’s interesting that Erik Finman decided against going to college and used Bitcoin betting to turn $1,000 into a million dollars at the age of twelve. I mean, being a billionaire by the age of eighteen, eschewing the grind of college? That alone demonstrates extraordinary entrepreneurial prowess. It just goes to show that there are other ways to succeed in life besides following the conventional path. His story is the epitome of “do your own thing”; in fact, he was paid in Bitcoin rather than actual cash. That businessperson is definitely ahead of the curve and setting his own standards!
Erik’s story is one that all of us should take seriously when we observe the world around us. He saw an opportunity and embraced it, taking a big gamble that could’ve ended in failure. Instead of losing his $1,000, he ended up making a correct move and benefitted from it. Good entrepreneurs must be able to take risks, since great success often amounts from great financial risk.
I find it truly incredible how he stuck with entrepreneurship even when there were a lot of people in his life that discouraged him. Honestly, I don’t know if I would be able to stand my ground in my idea if I was treated like that. Really great example of pushing through adversity!