Ohio teenager is a Crypto-Millionaire, used savings to invest in Virtual currency market
Feb 08, 2018 Posted / 7813 Views
Edy Zillan, an 18-year-old teenager is in news these days for his enthusiasm for cryptocurrency investments. He is being called the "Wolf of Crypto- street" as he became one of the youngest crypto-millionaire.
Breaching the terms of Agreement
Three years back when Edy first started trading in cryptocurrencies, he was too young even to register at Coinbase and Kraken, leading international exchanges. The terms and conditions of the agreement stated that the person should be at least 18 years old, but he was 15 at that time. However, he glossed over the terms of the agreement on both the sites purchasing $100 worth of Ether.
As he explains that he was little apprehensive at first as he had heard about cryptocurrency space only in the drug-trading website Silk Road. Nonetheless, he mentions that when he began investing in 2015 he got advice from the credible sources.
Zillan talked to business-insider and revealed in the interview that
"At the time I invested, there were no YouTubers, there were no investors, there was no one I could learn from." He adds, "There were no books or mentors, and it was really hard to teach myself a formal education in that field."
After investing $100 Zillan checked his accounts some hours back and found he'd already made $10 profit. He says
"I thought: 'Wow, I just made a 10% return in a day. That's crazy,'" he said.
As he calculated the returns, he was ready to invest some more the next day, and this time, it was $1,000. A week subsequent to it, he appended $5,000, and the week after that again $6,000.
Now Zillan had invested a total of just over $12,000, which was pure all his savings. It was hard work that he had put into earning them- from teaching tennis lessons to a tidy nest egg he'd received from gifts and his bar mitzvah a few years back. now he had risked everything he had.
Zillan reveals that his parents were not sure if what he was doing was right or not. He explains that his mother supported him while his father was little cautious for him to invest in the digital currencies. On the other hand, Zillan got too sure to doubt his moves. As time progressed his investments skyrocketed and he became extremely enthusiastic about cryptocurrencies. He started reading about the market and spent days on the forums to learn deeply about them. By now he was tinkering in altcoins and day-trading.
As Zillan reveals that his investments snowballed and had reached a staggering $350,000. He remarks that all this time he educated himself more and more on the currencies and got much knowledge from his conversations with other investors. He also says that he profited because he invested at the right time and mostly made smart investments by understanding the cryptocurrency space. He comments that returns depend on your skills and it is not just opening an account on the exchange will do the job.
Zillan, is a high-school student and turned just 18 in August last year, has spent the past year expanding his business interest in cryptocurrencies. At present, Zillan says that he had earned over $1 million and that now he's thinking to start with another venture in the cryptocurrency field: advising.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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