In 2011, 12-year-old Erik Finman from Idaho, US, received a $1,000 gift from his grandmother. While most kids his age would spend it on gadgets or video games, Erik made an unconventional choice. He had recently heard about #Bitcoin from his older brother, who was dabbling in early digital currencies. Bitcoin was an obscure idea at the time—an online currency that was, at best, a curiosity for tech enthusiasts and skeptics alike. The price of Bitcoin back then was $12 per coin, and few thought it would ever gain significant value. However, Erik was intrigued by the technology behind it: #blockchain .
Erik used the money to buy 100 Bitcoins. As Bitcoin’s value began to slowly rise, Erik's belief in its potential grew stronger. By 2013, Bitcoin's price had reached $200, and the market was starting to take notice. Erik’s holdings were now worth $20,000, a small fortune for a teenager. Realizing the potential of this digital currency, he sold a portion of his Bitcoin to fund #Botangle , a startup that connected students with tutors online.
But Erik wasn’t done with Bitcoin. By 2014, when the price of Bitcoin had dipped to $400 per coin, he was offered 300 Bitcoins as payment for Botangle. Many believed the Bitcoin craze was over and advised him to take the cash instead. But Erik remained confident in the long-term value of Bitcoin. By 2017, when Bitcoin reached $20,000 per coin, Erik's 300 Bitcoins were worth over $6 million, making him a millionaire before he even turned 18.
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