Nineteen-year-old Erik Finman, who turned $1,245 given to him by his grandmother into a Bitcoin fortune of $1.5 million, has tough advice for anyone who wants to get like him.
"If you do not become a millionaire in the next 10 years, then it's your own fault," the German teenager told Business Insider, citing the insane proliferation and rise of cryptocurrencies.
"New business models and innovations are still emerging in this area, and therefore, there are many investment opportunities," he added. "It's a new kind of gold fever, or a new kind of Silicon Valley — there are really plenty of opportunities."
Reuters gave a rundown of the crypto-crisis.
"Cryptocurrencies plunged on Friday, with bitcoin at one point sliding below $8,000 and headed for its biggest weekly loss since December 2013, as worries about a regulatory clampdown globally sent investors scrambling to sell."
"This week’s slump brought the total market value of cryptocurrencies down to around $400 billion, half the high it reached in January, according to industry tracker Coinmarketcap.com."
"Bitcoin, the biggest and best-known cryptocurrency, fell as much as 15 percent on Friday to a two-month low of $7,625."
"The advance of cryptocurrencies is unstoppable," Finman said. "A single crash does not change that. People will continue to invest in it and become increasingly emotionally connected with digital currencies."
This runs counter to all the paranoia surrounding Bitcoin. One economist recently said the Bitcoin burst would be the "biggest bubble in history."
Finman is also unbothered by anyone offended by his brash comments.
"Haters are mad at me for that you can become a millionaire in 10 years if you want it bad enough!" he ranted in a recent Instagram post.
"Unlike them I believe in you! Work your butt off! Hustle hard! Dream big!"