Teenage bitcoin millionaire: ‘It’s a wonderful time to buy bitcoin”: A lot has changed since 2011, when Erik Finman invested a cash gift from his grandmother into bitcoin.
Six years later, bitcoin’s value is up exponentially, and Finman, now 18, is a millionaire. But one thing that hasn’t changed is Finman’s enthusiasm for the cryptocurrency.
“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,” Finman said on CNBC’s “Closing Bell.”
“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.” Despite skyrocketing value and volatility that makes institutional analysts cringe, Finman thinks now is as good a time as any to buy the cryptocurrency.
But there’s no need to go all-in. “I think it’s a wonderful time to buy bitcoin. You can actually buy a fraction of a bitcoin,” he said.
“Buy $100, $50 worth of a bitcoin. It would be a great stocking stuffer.” Although young, Finman has learned savvy in his years of investing. Should everything go south for bitcoin, he said he’s built a diversified portfolio with holdings in other cryptocurrencies and other sectors. But he’s still betting on bitcoin.
“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,” Finman said. “I see it as the future of currency I see it as the future of the financial system.”