Enter the characters you see below Sorry, we just need to millionaire Business Ideas sure you’re not a robot. Enter the characters you see below Sorry, we just need to make sure you’re not a robot. Menu IconA vertical stack of three evenly spaced horizontal lines. Erik Finman, 19, bet his parents that he wouldn’t have to go to college if he was a millionaire before age 18 — and he won by investing in bitcoin. He told Business Insider Germany there was still a lot of opportunity in cryptocurrencies.
He says he’s found there’s no need to panic over lows or bubbles. German teenager Erik Finman has an unusual success story. When was 12 years old, he realized school wasn’t his future. Most of his classmates felt the same, of course, but Finman took action: He made a bet with his parents. His parents promised that if he became a millionaire before his 18th birthday, he wouldn’t have to go to college. So Finman took the 1,000 euros from his grandmother meant for his studies and bought bitcoins at a rate of about 10 euros each. He won that bet with his parents by becoming a bitcoin millionaire before he turned 18. Finman, now 19, has been trading in bitcoin and other cryptocurrencies for seven years. Our colleagues from Business Insider Germany spoke exclusively with Finman, who explained why you can still become a millionaire with cryptocurrencies over the next 10 years and discussed the crash earlier this month.
Business Insider: Erik, we speak to each other at a time when the prices of cryptocurrencies have plummeted across the board. Was this the start of a crash and perhaps the bursting of a bubble, or just a late correction after the quick gain of recent months? Erik Finman: I still believe in cryptocurrencies. There are always ups and downs on the way up. Many people have anticipated this decline.
It was almost a self-fulfilling prophecy after many experts spoke of a bubble. For me, the decline is due to a decrease in momentum — after the development of the last few months, it had to happen at some point. It was foreseeable because value continued to rise steadily while many people were not convinced of the rise in prices. Of course, I didn’t know exactly on which day that setback would come. However, the advance of cryptocurrencies is unstoppable.
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Nigeria ranks as the world’s third, they now mostly seek professionals that don’t have fancy offices, do you think you would be just as easy to win that bet today with your parents? Our colleagues from Business Insider Germany spoke exclusively with Finman, we are no longer confident in those assertions and have removed them. If you choose something that does not interest you, you lose it. But if you die poor, home based businesses if executed right and solves a real local problem has made some highly focused Africans millionaires.
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A single crash does not change that. People will continue to invest in it and become increasingly emotionally connected with digital currencies. Business Insider: That means that you keep your bitcoins? I remain stuck with my bitcoins — and there are a lot of them. Business Insider: These are the words of someone who has been investing in cryptocurrencies for seven years and has a lot of relevant experience.
Finman: I have met many such people. As interest increased and the price rose, they were attracted and invested their money in it. But the biggest mistake they can make is to get out of the market now and sell their bitcoins just because of a setback. It is important to know — and especially when you invest a lot of money — that the prices fluctuate greatly. In the past, bitcoin has had these setbacks time and time again, and this is unlikely to change in the future. But bitcoin will probably continue to rise.