This doesn't detail "how" a teenage entrepreneur built a startup on BTC riches. It's not a very exciting story, either.
Here's what happened: in early 2012, he put all his money into Bitcoin. Then he cashed out when they peaked (probably around December 2013). Then he used the money to start yet another e-learning business/service.
I don't see what the point of this article is. He used money that was given to him to bet on speculate on a wildly fluctuating asset, and came out lucky. Now he's trying to invest his money sensibly. So what?
To me, the only interesting part of this article is that he pays most of his employees in Bitcoin. The rest is just fluff.
Who would have thought... I've read about this boy a few days ago on Reddit (subforum Entrepreneur). Someone suggested that he should get his story in the media, because it's rather interesting (especially his age, and Bitcoin is still hot nowadays). A month later, here he is!
I just clicked on that and read the first root comment. The kid more or less admits to using fake reviews on his site. He offers to "fix" a review, which not only sounds incredibly fake, but in which the person claims to be in NY but then claims being in LA.
Err, not sure if this is off to a great start. The skills to speculate bitcoin may not be the skills that get you ahead running an e-learning company. The kid comes off as incredibly dishonest.
Not necessarily. It was given to him by his grandmother. Perhaps she's divesting herself of some of her retirement funds for whatever reason (e.g. maybe is actually not all that well off but she wants her grandkids to "have something" but is anticipating losing all she owns in end-of-life care).
That said, there is little to this story that seems impressive to me. Regardless of whether his family is rich or not, being given $1000 for easter is a big deal when one is 14, and therefore most of the rest of this kid's story is better attributed to good luck than talent. What's impressive is that he didn't spend all the bitcoin-windfall on video games, apps, and trying to impress his friends.
$1000 is not that much money. Grandmothers might figure that it's better to gift money while they are still alive, to save on inheritance tax (among other reasons).
> When 15-year-old Erik Finman turned a $1,000 Easter gift from his grandma into $100,000 after cashing in on his Bitcoin investment, he wasn’t all like Cristal, Maybach, diamonds on your timepiece.
It would be kind of difficult to buy a Maybach with $100,000 given that even a used one costs more than that.
Putting the article's heavy dose of fluff aside, it would be interesting to know if Finman paid capital gains on the $100,000. Additionally, if he truly has "employees" that he's paying in Bitcoin, it would be interesting to know if he's properly doing withholding, since you have to pay that in USD.
Here's what happened: in early 2012, he put all his money into Bitcoin. Then he cashed out when they peaked (probably around December 2013). Then he used the money to start yet another e-learning business/service.
I don't see what the point of this article is. He used money that was given to him to bet on speculate on a wildly fluctuating asset, and came out lucky. Now he's trying to invest his money sensibly. So what?
To me, the only interesting part of this article is that he pays most of his employees in Bitcoin. The rest is just fluff.