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5 People Who Became Rich Because of Bitcoin
After all, that strategy transformed the year-old high school dropout into a millionaire. Many people are understandably leery of cryptocurrencies because of the erratic price movements of bitcoin and other digital coins. By age 18, Finman had become a millionaire. Finman said Millennials would be better off investing that money than letting it sit idle in a savings account.
When asked about the recent plunge in bitcoin's price since the beginning of , Finman was nonplussed. Many people have anticipated this decline.
It was almost a self-fulfilling prophecy after many experts spoke of a bubble. Finman said a major problem with inexperienced investors is their short-term outlook. Finman said if you're careful, you can get huge dividends by investing in crypto.
The market capitalization is just over half a trillion dollars," he explained. Meanwhile, bitcoin and other cryptocurrencies have come under fire by leading figures in the financial world.
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Dimon has since backpedaled a bit, but remains a crypto skeptic. Similarly, billionaire Warren Buffett warned that the crypto bubble will eventually come crashing down. Investing in cryptocurrencies and other Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs.
Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns no cryptocurrencies. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. And in , a Welsh man desperately searched a landfill site after throwing away a computer hard drive containing 7, bitcoins.
Man has two guesses to unlock bitcoin worth $240m
Bitcoin has surged in value in recent months. But the cryptocurrency is volatile.
And experts are divided about whether it will continue to rise or crash. Few dollars. At the time, they were worth a few dollars each.
Teen Bitcoin Millionaire Erik Finman Dishes Investment Tips
He stored them in an IronKey digital wallet on a hard drive. And he wrote the password on a piece of paper he has lost. Own bank. Perhaps unsurprisingly, the dilemma has put him off cryptocurrencies. Locked out. The BBC is not responsible for the content of external sites.