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."
Early bitcoin supporter
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