It is of course well publicised that if you had invested a small amount in Bitcoin at the beginning then you would now be sitting on a fortune. This is something which makes many people who considered buying Bitcoin at the time, but for one reason or another didn’t do it, pretty bad! It’s also not great for those who sold their Bitcoins too early thus missing out on the riches it eventually brought. But what about the other end of the scale, what about those people who were able to make millions from Bitcoin? In this blog we are going to look at some Bitcoin success stories.
Bitcoin millionaire Erik Finman is perhaps one of the most publicised Bitcoin success stories. Back in May 2011 when he was aged just 12 years old, Finman was given $1000 by his grandmother. Rather than putting it in a savings account, or spending it as the majority of 12 year olds would do in this position, he had the foresight to invest it all in Bitcoin. After the value increased in 2013 he realised that his investment was now worth $100,000!
The young entrepreneur didn’t stop there though, he went on to create his own online tutoring business which provided peer-to-peer tutoring via video chats. The company became a huge success, and when Finman was approached by an investor who offered him either $100,000 or 300 Bitcoins, he opted to accept the latter. It proved to be the correct option, and in 2017 he became a millionaire at the tender age of just 18.
Another person who made their fortune from Bitcoin at a young age is Eddy Zillan. Much like Erik Finman, he had a good business head on his age despite still being in his teens, and he also started with the same amount, $1000. At the time a Bitcoin was worth $214, and after realising the potential of Bitcoin he opted to invest another $5000 from his Bar Mitzvah money.
He didn’t stop there either, going on to invest a further $6000 proving that back then it was possible to make a huge fortune from Bitcoin even without investing a gigantic amount at the beginning. Since his investments he has gone on to create his own cryptocurrency consulting business.
Rather than just buying Bitcoin like the two cases about, Jered Kenner was one of the first businessmen to really adopt Bitcoin and use it in his day to day business. It hasn’t all been plain sailing for Kenner though, as at one time he actually lost 800 Bitcoins when his computer was hacked. Of course, because of the technology of the blockchain transactions are irreversible which meant he was unable to get the money back. This was actually the second time this had happened, as before hackers were able to get into his wallet through his mobile phone. So this only reiterates the importance of keeping your Bitcoins secure.
Despite this setback he didn’t let it affect him, and nowadays he does most of his business transactions in BTC, proving that the currency does indeed have a number of practical uses and can be a great asset when it comes to business operations.
Perhaps the ultimate story when it comes to someone making a small investment and thn reaping the rewards some years later. This Norwegian engineer decided to invest a small amount of 150 kroner (about $25) in Bitcoin right at the beginning. He decided to do this after writing a thesis on cryptocurrency, however the idea was still very much in its infancy.
It seems that Koch put the idea to one side and almost forgot about his investment; even taking some time to remember his key to have access to his wallet! Once he did eventually gain access he found that his 150 kroner investment was now worth a whopping 5 million kroner. It just goes to show if you have foresight and are smart with your investments, then only the smallest amount can turn into a life changing sum!
About the Author:
Ian Scarffe is a serial entrepreneur, investor, key opinion leader and Blockchain consultant with business experience from around the world.
As a leading entrepreneur, Ian is on a personal mission to develop a culture of entrepreneurship, helping startups achieve their full potential as well as helping to expand existing companies.
Ian has founded ‘Binkplus’, a startup incubator in Europe. Ian is an Independent Expert at the European Commission – Horizon 2020
An expert in Startup, Investment, Fintech, Web3 and Blockchain industries. Ian currently consults and advises for a range of multi-million dollar companies.
Ian’s overall mission is to foster a society of economically independent individuals who are engaged citizens, contributing to the improvement of their communities across the world.
Ian Scarffe has written two books to help others:
The Ultimate Guide to Bitcoin and Cryptocurrency 2018 Blockchain Basics 2020
Follow Ian Scarffe: