With an initial investment of $1000, this individual has achieved remarkable cryptocurrency success. What lessons can be learned from their story?
The world of cryptocurrency is always a fascinating topic of discussion these days. Apart from its innovative technological aspects, the crypto world also harbors many inspirational stories from its players.
One of them is Erik Finman, an inspirational young man who achieved extraordinary success from crypto. Starting with an investment of $1000 at 12, Finman generated incredible wealth in just a few years.
Finman is now known as a successful young entrepreneur, a startup investor in Silicon Valley, and one of the blockchain and cryptocurrency industry leaders. How did Finman achieve his wealth from cryptocurrency?
Who is Erik Finman?
Erik Finman, a crypto investor and young entrepreneur from the US, is recognized for his achievement in initiating cryptocurrency investments at a tender age. Finman had become one of the wealthiest young individuals globally by the time he attained 18, with an estimated net worth of $5 million.
Finman's educational background differed slightly from his contemporaries as he didn't complete formal high school education or attend college. Rather, he opted for self-study and enriched his knowledge in the cryptocurrency industry through various means such as books, online courses, and mentorship.
Erik Finman's Career Journey
Erik Finman started his career path by investing $1000 into Bitcoin at 12, using a gift from his grandmother. Bitcoin was not as well-known or valuable as it is now during that period. Nonetheless, Finman recognized the potential of this digital currency and continued to research and monitor its progress.
In 2013, when the value of Bitcoin skyrocketed, Finman's investment grew from $1000 to $100,000 within a year. This accomplishment fueled his passion for crypto, leading him to explore the blockchain world.
At 15, Finman dropped out of school after earning many profits from his Bitcoin investments. He then took some online courses and mentorship from entrepreneurs and investors in Silicon Valley. Not only that, but Finman also successfully launched a company called Botangle when he was 18 years old.
Botangle was founded to help students find mentors in their field of interest through video chat. The company managed to raise $100,000 in funding from investor Peter Thiel, one of the co-founders of PayPal, known as an early supporter of Bitcoin.
After the sale of Botangle, Finman returned to the world of cryptocurrency and founded the Cryptocurrency Investment Group to assist new investors in understanding the crypto industry and earning profits from their investments.
Furthermore, Finman's success story flourished as he invested in other crypto assets such as Ethereum and Litecoin. As a result, by the end of 2017, his net worth had risen to approximately $5 million.
Finman remains involved in investing in and supporting the cryptocurrency industry and serving as an entrepreneur and startup investor in Silicon Valley. Owing to his accomplishments, Finman is often invited to speak at various conferences worldwide to share his insights and opinions on the future of blockchain technology and digital currency.
Experiencing Failure
Contrary to popular belief, investing in cryptocurrency doesn't always guarantee profits. Even successful entrepreneurs like Erik Finman have had their fair share of failures. One of his most notable failures was when he invested in ZCash.
At first, Finman was confident in the potential of ZCash and put most of his wealth into the asset. However, he also publicly shared his decision on social media and often criticized Bitcoin, the digital currency that had previously brought him success.
Finman's failure began with the fall of ZCash prices, which caused him to lose most of his investment capital. In addition, his open and controversial social media behavior made many crypto community members criticize and ridicule him.
From his failure, Finman gained a valuable lesson. He understood the significance of thoroughly learning and comprehending every investment before taking considerable risks and knowing when to cut losses. Additionally, he learned to be cautious about what he shares on social media and to avoid any controversy that could harm his reputation.
Despite his unsuccessful ZCash investment, Finman remains successful in his career and continues to create opportunities for himself. His story has become an inspiration for many people worldwide.
5 Tips for Successful Crypto Investment According to Erik Finman
For novice crypto investors who want to succeed, Erik Finman has provided some important tips to achieve success in the world of cryptocurrency, including:
- Research and educate yourself: As a cryptocurrency investor, Finman regularly keeps himself informed of the crypto market and blockchain technology. He advises newcomers to continually conduct research (DYOR) and acquire knowledge on different aspects before making investment decisions.
- Understand the risks and obstacles: Finman acknowledges that the crypto market is highly volatile and risky. Therefore, he advises understanding the risks and obstacles before diving into investments. Moreover, he also emphasizes the importance of trustworthy trading platforms and crypto exchanges.
- Learn from failures: Failures in crypto investment can provide valuable lessons, as Erik Finman has experienced. He advises accepting these failures as a part of the learning process and using them to improve future investment decisions.
- Diversify investment portfolio: Finman recommends not investing all money in one type of crypto but allocating investment portfolios wisely and diversifying into several different crypto assets.
- Keep up with market developments: Finman always follows the news and developments of the crypto market, such as announcements of regulations and the latest trends, to make the right investment decisions.
Closing Words
Erik Finman's journey to success in crypto investment emphasizes the significance of education, experience, and research in making wise investment decisions. Despite his initial investment of only $1000, Finman created his fortune by seizing opportunities and innovating in cryptocurrency.
Moreover, the setbacks that Finman faced have proven to be valuable lessons in making more informed investment choices across all sectors. Finman's experience proves that cryptocurrency investment offers tremendous potential for generating wealth and long-term success.
However, to achieve such triumphs, inexperienced investors must conduct thorough research, comprehend risks, learn from failures, diversify their investment portfolios, and stay informed about market trends.
Investing in cryptocurrency isn't always easy because of all the risk that comes with it. That's why it is better to have a better investment plan. There are many ways to do this, manually or trough a third party like Gate.io.