Teen entrepreneur invests in Bitcoin, gains $100,000

Teenage Entrepreneur Taking Advantage Of Online Technology
Teenage Entrepreneur Taking Advantage Of Online Technology

One entrepreneur from Idaho has invested money in Bitcoin and started his own company ... the catch? He's only 15.

Erik Finman invested $1,000 in Bitcoins, a decentralized digital currency. He then sold them for about $100,000. He told CBS he hit the jackpot. Finman then created an online tutoring service called Botangle, which helps students connect with experts who teach via video chat. CBS did a feature on the teen and talked with him about the unusual deal he made with his parents: "They said if I make a million dollars before 18, I don't have to go to college."

So the guy who founded an online tutoring service is trying to skip out on college? On his personal website, Finman says he's had "negative experiences" in the traditional school setting. These experiences are actually why he became so passionate about Botangle in the first place.

By the looks of Finman's Kickstarter page, the Botangle business didn't have the best start -- it only reached about $300 of its $20,000 goal during the month of funding. But that didn't stop the teenager. Botangle has accrued about 1,700 users since it started in May. And it never hurts to have a mentor who knows what he's doing.

Finman says he drew inspiration from Alexis Ohanian, who was 22 when he co-founded the social networking website Reddit. Ohanian's book "Without Their Permission: How the 21st Century Will Be Made, Not Managed," is full of tips and ideas for taking advantage of today's technology. Finman says the book also reminded him doesn't need permission to start a business at a young age.

Let's also remember Steve Jobs was only 21 when he co-founded Apple and Bill Gates was just 20 when he co-founded Microsoft.

Finman currently has 20 full-time "freelancers" working for his company Botangle. They're called "freelancers" because he's not legally allowed to employ people.

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