The term ‘Bitcoin Millionaire’ today is not uncommon, with many individuals having made a fortune from investing in the first cryptocurrency that launched in 2009. Invented by the pseudonymous Satoshi Nakamoto, Bitcoin works on the blockchain system and runs without a third party – meaning there are no bank regulations whatsoever. The coin, which was initially worth less than a dollar, can now cost you around $12,000 each, and the lucky few who got in first are now living a lavish life and spending their time travelling the world, starting their own companies and, of course, investing in more Bitcoin. Take a look at some of them below.
Shrem first learned about Bitcoin in 2011 while studying at Brooklyn College. Initially, he purchased 500 coins priced at $3 each and then kept investing more as the price rose. Whilst still in college, Shrem founded the bitcoin exchange startup Bit Instant, a company that allows fellow Bitcoin investors to directly use the crytocurrency to shop from over 700,000 stores, including Walmart, Duane Reade, and Boots.
But not all ended well for the 26-year old though, as Charlie Shrem was later charged with operating an unlicensed money transmitting business. He pleaded guilty and went on to serve prison time. However, his faith in the blockchain system only strengthened after a jail incident with a prison guard and mackerels, the currency of choice behind bars. As of now, Shrem’s net worth is around 45 million.
Sabatier first invested $5000, a tiny share of his savings, into Bitcoin (at that time valued at $72) after watching a documentary and reading fourms about cryptocurrency. He bought s total of 69.2 bitcoins, which are now valued at around $1,148,720; the mogul even earned a million dollars in 2017 alone, making it what he calls “the easiest money I’ve ever made”. Sabatier now runs a blog called MillennialMoney.com where he talks about personal finance and entrepreneurship, helping others make smart investment decisions in crypto and various other sectors. Prior to this, he also ran various side-hustles such as domain buying, SEO consultancy, and blogging, the last of which alone brings him $2000 a month.
Perhaps the most famous bitcoin millionaire on Youtube, 18-year old Erik Finman forged his own path when he invested in Bitcoin and left high school to start his own business. He began investing in Bitcoin in 2011, at the age of 12, back when they were worth just $12 apiece. His money primarily came from a $1000 gift from his grandmother, and soon he accumulated around 403 Bitcoins, worth more than a million dollars today, and this is not even including the smaller investments he made in other cryptos such as Ethereum and Litecoin. His motivation was a bet that he had with his parents stating that if he became a millionaire before the age of 18, they’d allow him to keep out of college. Needless to say, he won. In 2014, he launched an online education platform called Botangle that helped frustrated students such as himself find tutors, and he’s also currently working with Nasa to launch a rocket though their ElaNa project. Finman recently got featured on Buzzfeed where his video ‘I’m a Teenage Bitcoin Millionaire‘ has three million views and counting.
The Winklevoss Twins
American rowers and Internet entrepreneurs Cameron and Tyler Winklevoss famously sued Mark Zukerberg for allegedly stealing the idea of Facebook from them, earning $35 million after a fiery court battle. They hopped on to the Bitcoin wagon early, investing almost 11 million in the market, bringing their net worth close to $400 million dollars.
After the Mt. Gox crash, the twins started their own digital asset exchange called Gemini, one of the more reliable bitcoin exchanges available today. As of now, the twins allegedly own 1% of all bitcoins, and are known as the world’s first Bitcoin billionaires. With a B.
A student of NYU, Guo started mining bitcoins early as a means of earning some extra cash. Later, when the price of bitcoins started to soar, he figured out the future of the blockchain and dropped out of college to start the first ever application specific integrated circuit (ASIC) called Avalon, a miner manufacturing company for Bitcoin. These new chips were much faster than the typical graphics cards and less heavy on the wallet, causing a huge buzz in the Bitcoin community. Avalon eventually ran out of stock as people were prepared to pay higher prices for the miners, with sites like eBay selling for almost 5000 dollars, with the advantage of possible sales and discounts (discover here). This made Guo a true bitcoin millionaire.