Featured Image Credit: ErikFinman/Instagram/Chesnot/Getty Images
Topics: Bitcoin, Cryptocurrency, Donald Trump, Money, US News
Ellie Kemp
Topics: Bitcoin, Cryptocurrency, Donald Trump, Money, US News
Getting in on the Bitcoin boom early was certainly fortunate for some investors, most notably a pre-teen who saw himself become a millionaire.
And with Trump declaring victory in the 2024 US election, the value of crypto's most popular currency is expected to soar.
In fact, Bitcoin hit a record high of more than $75,000 on Wednesday morning (November 6), toppling its previous record of just under $74,000 recorded in March.
The surge of more than 10 percent began on Tuesday night as counts began to be declared and it was projected the pro-crypto Republican would likely beat Democrat Kamala Harris to the White House.
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Trump's victory could be great news for those with major Bitcoin investments - like the world's youngest crypto millionaire, Erik Finman.
At just 12 years old, Finman seemed to have his financial future all planned out.
With dreams of becoming a millionaire, he invested in cryptocurrency
After receiving $1,245 from his grandmother that year, Finman invested into Bitcoin (BTC) - which was then trading at around $12 - and this gave him about 103 BTC.
In December 2017 - when Finman was just 18 - Bitcoin reached a high of around $20,000 and his initial $1,245 investment increased to a staggering $2.07 million. Following Trump's victory, that initial 103BTC would be worth almost three times as much, at a huge $7,543,694.
Reflecting on his decision that paid off massively, Finman said ‘people didn’t really get what I was trying to do’.
He told the Business of Business: "I really didn't like high school. People didn't really get what I was trying to do, get what I was searching for or what I was dreaming of.
"I had one teacher tell me, yeah, drop out, work at McDonald’s since I’ll never amount to anything more in life.
"I dropped out of high school and made a bet with my parents: if I make a million dollars by the time I’m 18, I don’t have to go back to school or go to college."
After making his first million, Finman, a Trump supporter, didn’t stop there and built the amount of Bitcoins he had to 341 with an estimated worth of more than $4.8 million by mid 2020. Following Trump's victory, 341 BTC is now worth an eye-watering amount, at just under $25 million.
Though, Finman, now 25, hasn’t been too happy about his claim to fame and insisted he is 'desperate to get out of crypto' and was 'sick of being the Bitcoin person' so he's recently been putting his finances into aircraft which he said has made 'good money'.