Eric Finman is 21 years old but owns 401 bitcoins, or above $4.4 million when the rate was $11,182 per coin. Finman started his bitcoin career in 2011, May when his grandmother gifted him $1000 when he was 12 years old. The teenager told Forbes that his inclination towards politics is what brought his focus towards bitcoins.
He found this technology exciting and aimed to use it for transcending the financial system that includes Wall Street. Even though some experts such as Warren Buffett have cautioned against bitcoin investments, he said that bitcoins would have a bad ending, and people will lose their money. Not only that, many others have claimed almost the same, but Finman refutes those claims.
Let’s look into some of his secrets that drove him here.
5 Top secrets to success
1. Investing early
Eric emphasizes investing as early as possible. As you saw he, himself had invested quite early when it was just 12 years old. At a young age, he made some mistakes, from which he seasoned himself slowly. He encourages young people to find out what they are good at and seek a way for making money out of that.
He twitted that youngsters must establish a way to income some extra income, which, on the other hand, will help them to start early investments.
2. Using the scarcity
Finman once replied that bitcoin is real just like fiat currencies, and even the national currencies are mere numbers on the screen. When some of his followers said that bitcoins are not actual and only some numbers on the screen, he mentions that just like this is true, even bitcoins not being unlimited like fiat currency is real.
He encourages the young people to get swayed with the crypto craze. He mentions that he wants to see poor young people getting rich instead of old Wall Street people.
3. The fastest way of attaining money
He believes that bitcoin is the fastest way to earn money on today’s date. He says that cryptocurrencies represent the most significant wealth transfer this generation has seen in their lifetime.
This is the fastest way as young people can very easily and quickly transform into the economy class, without having to do much. One of his teachers had called him a failure in school for having a 2.1 GPA, so he decided to drop out. This also won him a bet against his parents. He said he becomes a millionaire before 18 he should not be asked to go to college. Investing in bitcoin saved him the college education he did not want.
4. The volatile market is our friend
He mentioned that the volatile market is our friend, not our enemy. Many tried to scare him, saying this market will not sustain, as it was highly unstable and cost pretty less in the beginning. But he did not break his morale, and he went on investing in bitcoins. He said that the volatile market is his friend, and he wants to use it wisely.
5. Time of investment
On the other hand, the volatile market makes it very easy to invest when the prices are low.
The market has to be observed, and mistakes are to be made. Being a young boy and having no substantial knowledge of the industry prevailed on him making mistakes. He said that if we do not make mistakes and blindly trust what we hear, that will cost us even more. Make small mistakes that will teach you about the crypto market and guide you to make the right decision.
I hope that Eric’s secrets have influenced you in investing in bitcoins. Here is a channel https://bitcoinscycle.com that you can use for investing in the crypto market.
But, if you think you are still not ready to take this big step, you can wait and research further to understand the best time of investment. If you genuinely have made up your mind, then I would suggest as soon as possible. Start with small investments so that there is room for trial and error.