Tuesday, 20 February 2018

19-Year-Old Bitcoin Millionaire Says 'It's Your Own Fault' If You Don't Become a Millionaire Within the Next Decade

Erik Finman, a 19-year-old from Germany, got rich from cryptocurrencies after his grandmother gave him €1,000 (£876) to invest. He now has roughly $1.5 million (£1.1 million) in bitcoin, and he’s got some harsh words for the rest of us suckers. Finman says, “if you do not become a millionaire in the next 10 years, then it’s your own fault.”

Finman made the comment during an interview with Business Insider. And while BI rightly asks whether it’s possible for the average person to replicate his unusual success, the teen gives a rather bullshit answer.

Business Insider: Technology also has its limits, and cryptocurrency today has a completely different status than a few years ago. Do you think you would be just as easy to win that bet today with your parents?

Finman: If you are smart about cryptocurrency over the next 10 years, many people can build their fortunes even better than before.

The area is still relatively small; the market capitalisation is just over half a trillion dollars. I do not want to be misunderstood: This is, of course, a very high amount, but in comparison to other asset classes, it’s small. Therefore, I say if you do not become a millionaire in the next 10 years, then it’s your own fault.

New business models and innovations are still emerging in this area, and therefore, there are many investment opportunities. It’s a new kind of gold fever, or a new kind of Silicon Valley — there are really plenty of opportunities.

See! It’s easy! Just plunge all your money (provided you have a grandmother who can lend you some cash) into cryptocurrencies!

Teens are dumb and don’t know when to keep their mouth shut, so we can’t be too hard on Finman. Especially since everything seems to have worked out well for him. But it’s frankly dangerous to recommend that people start dumping large sums of cash into what’s essentially Monopoly money.

But then again, what do I know? I’m no bitcoin millionaire, let alone a teen one. And I never gave a talk at TEDxTeen (yes, that was a real thing) about getting rich. Do whatever you like with your money. But if you do become wealthy off of some incredibly unlikely event, maybe don’t tell people that they’re a sucker if they don’t become rich themselves.

source: [Business Insider]
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