LAST_UPDATEThu, 24 May 2018 8am

Teen Made A Bet With His Parents That If He Was A Millionaire By His 18th Birthday Then They Wouldn't Force Him To College, So Guess What Happened

Filepic: The SunFilepic: The Sun

How many teenagers can actually make good on that bet? Can you remember how much you made on your own before you turned 18?

Most parents would willingly enter into the wager and be happy to be proven wrong although most know that is a highly unlikely outcome unless their child is doing something illegal.

However for one US teenager living in Idaho, USA he made good on the bet without resorting to crime.

In fact he made close to US$6 million before he turned 19 this year so looks like this teenager will not be getting his degree anytime soon.

The story of Erik Finkman who became a bitcoin millionaire has grabbed media spotlight worldwide and he has become somewhat of a celebrity, appearing at TEDx Talks and being interviewed by business magazines and TV networks around the world.

Finman speaks at a TEDx Teen conference in 2014.Finman speaks at a TEDx Teen conference in 2014.

It all started when Finkman made his first bitcoin purchase when he was 12-years-old with US$1000. Admittedly he comes from a rich and well-educated family so he said that his grandmother gave him the US$1K he needed to start his journey as a bitcoin investor.

Finkman was a natural as he took to the whole bitcoin scene like fish to water, becoming such an ardent advocate of the currency that he soon earned the nickname “Bitcoin Boy”.

As to how the 'millionaire or college' bet came about, it turns out that Finkman hated school and said that his teachers never saw much potential in him, assuming that he would end up working at the local fast food joint.

When he turned 15, he begged his parents, who both hold doctoral degrees in electrical engineering and physics to let him drop out of school and that was how the bet came about.

"I can proudly say I made it, and I'm not going to college," Finman told CNBC.

"I never got my GED, and I don't see the value in it," Finman said. "The purpose of that would be to get another education level and get a job. I had to learn through running a business. Instead of writing essays for English class, I had to write emails to important people."

That was how the story gained traction, about how a student who was doing badly in school and becoming a high school dropout before making himself into a millionaire investor even before he turned 19.

Recently, Finkman was in the hot seat again after the price of cryptocurrency started plummeting in late January but the teenager is still bullish about bitcoin.

"It is important to know — and especially when you invest a lot of money — that the prices fluctuate greatly. In the past, bitcoin has had these setbacks time and time again, and this is unlikely to change in the future. But bitcoin will probably continue to rise. Maybe it only takes a few weeks; maybe years. Of course, no one knows.

"If you are smart about cryptocurrency over the next 10 years, many people can build their fortunes even better than before," he said in an interview with Business Insider.

In fact, hee displayed surprisingly mature investor savvy in his recent interview with US business news channel CNBC which you can watch below.

- mD