A teen millionaire?
“I risked everything,” was how Eddy Zillan described his investment strategy which is solely focused on cryptocurrencies. And it paid off. Now, the 18-year-old is one of the newly-minted millionaires thanks to the meteoric rise in the value of these online assets over the years.
Eddy Zillan started investing in cryptocurrencies when he was still 15 years old. At that time, he was too young to open a trading account on the Coinbase platform as the site requires customers to be at least 18 years of age. But the teenager was undeterred and, after searching for alternatives eventually decided to open an account with Kraken.
Zillan admits being skeptical in putting money on the newly created crypto market. Back then, Bitcoin and the rest have not yet entered into global consciousness as they were not yet as widely traded as they are now. But still, he purchased units of the cryptocurrency ether amounting $100.
According to Zillan, the main problem he faced at that time was that there were only a few credible resources online on crypto investing. In fact, the first time he read about the online currencies was from the now-defunct Silk Road site.
“At the time I invested, there were no YouTubers, there were no investors, there was no one I could learn from,” Zillan related his experience as a cryptocurrency investor during its early years. “There were no books or mentors, and it was really hard to teach myself a formal education in that field.”
But luckily for him, Zillan entered the market at a time when interest on cryptocurrencies was starting to pick up. A few hours after placing his first $100 investment, he was astonished that its value already increased by $10. Yes, it may not be much for millionaire investors but for a teenager, a ten percent increase in just a few hours is simply amazing.
But that $10-dollar increase was what convinced Zillan that there is money to be made in cryptocurrencies. After all, you won’t find an investment option that gives a 10 percent return in one day. Encouraged by the gain, he invested another $1,000 the following day, which was followed by an additional $5,000 placement a week later and yet another $6,000 investment the week after that.
Eventually, Zillan decided to risk his entire savings amounting $12,000 into his cryptocurrency investment. This represents funds he has saved over the years through teaching tennis, gifts, and his bar mitzvah.
Initially, his parents were divided over his cryptocurrency investment. His father considered it a risky move while his mom was supportive.
But his entry into the market was perfectly timed, and he saw the value of his portfolio continue to skyrocket. In just one year after opening his account, the total value of his cryptocurrency holdings was a staggering $350,000. Of course, this only stoked his enthusiasm further and his free time was spent on chatting with other investors, visiting forums, and reading resources on cryptocurrencies to educate himself further. In fact, he was even engaged in altcoins and day trading.
All those hard work is finally paying off. Today, Zillan’s portfolio is valued over $1 million. In addition, his cryptocurrency expertise is put to good use as a consultant charging $250 an hour for his services.