Meet the teenaged 'Wolf of Crypto Street' who turned his savings into mil
When Zillan checked his accounts a few hours after investing his first $US100, he found that he'd already made $US10. Ten dollars may not sound like much, but Zillan admits he was floored. "I thought, 'Wow, I just made a 10 per cent return in a day. That's crazy,'" he said. Eddy Zillan
When Eddy Zillan first started trading in cryptocurrencies, he was too young to open an account on the trading platform, Coinbase, which requires its users to be at least 18 years old.
But at age 15, Zillan glossed over the site's terms of agreement and opened an account on Coinbase and another trading platform called Kraken, cautiously purchasing $US100 worth of the cryptocurrency ethereum.
Zillan says he was initially sceptical of putting his money on the fledgling cryptocurrency market, which he'd first heard about in reference to the now-defunct drug trading website, the Silk Road. When Zillan began investing in 2015, there were few credible resources available offering advice on how to invest in cryptocurrencies.
"At the time I invested, there were no YouTubers, there were no investors, there was no one I could learn from," Zillan said in an interview with Business Insider. "There were no books or mentors, and it was really hard to teach myself a formal education in that field."
When Zillan checked his accounts a few hours after investing his first $US100, he found that he'd already made $US10. Ten dollars may not sound like much, but Zillan admits he was floored.
"I thought, 'Wow, I just made a 10 per cent return in a day. That's crazy,'" he said.
The next day, Zillan put in more cash. This time, it was $US1000.
A week later, he added an additional $US5000, and the week after that, another $US6000.
Before long, Zillan had invested a total of just over $US12,000, the entirety of his savings from teaching tennis lessons along with the tidy nest egg he'd received from gifts and his Bar Mitzvah a few years earlier.
"I risked everything," he said.
At first, Zillan's parents had mixed feelings about their son's interest in digital currencies. While his mother approved, his father cautioned against what he considered to be an extremely risky venture. But Zillan's own scepticism was evaporating by the day.
Within the first few months, his returns had begun to skyrocket. As his gains inched higher, Zillan began to read about cryptocurrencies obsessively, sometimes spending hours a day on cryptocurrency forums or chatting with other investors online. Soon, he was dabbling in alternate cryptocurrencies – also known as altcoins – and day trading.
In just one short year, Zillan's initial investment had snowballed. He claims his entire cryptocurrency portfolio had tallied a staggering $US350,000.
Zillan continued educating himself on cryptocurrencies with the few resources available online. Mostly, Zillan says that his knowledge of the market stems from the conversations he's had with other investors and the people who have created the cryptocurrencies themselves.
Like many people who invested in cryptocurrencies early on, Zillan knows that his profits are partially owed to a case of opportune timing. But Zillan says that making smart investments in cryptocurrencies requires more skill than simply opening an account on Coinbase. Zillan doesn't underestimate his good timing, but he ultimately credits his business acumen and understanding of digital currencies