Teenage bitcoin millionaire can see cryptocurrency's value shooting as high as $1 million

If this teen entrepreneur, high-school dropout and bitcoin millionaire has any predictive powers at all, then we've hardly seen the top of the market for the hot cybercurrency.

Meet Erik Finman, who started picking up bitcoin at $12 apiece back in May 2011, when he was just 12, riding a hot tip from hits brother Scott and a $1,000 gift from his grandmother, he told CNBC. He's now the owner of a reported 403 bitcoins, and while the cybercurrency has been on a bit of a bumpy ride lately, at Thursday's price BTCUSD, +2.27% of $2,685.53 each, the now 18-year-old Idahoan's stash is worth $1.08 million and change.

The first investor in Snapchat explains why the bitcoin rally is just getting started

Jeremy Liew

Uncertainty about governments could make cryptocurrency like bitcoin an even more in-demand commodity, said Lightspeed Venture Partners partner Jeremy Liew.

"Bitcoin and the other digital currencies, they all really see a lot of benefit in times of political and economic instability," Liew said to CNBC. "Fundamentally when a citizen doesn't have faith in their currency of their country, then they are looking for alternatives, and a digital alternative like bitcoin becomes much more compelling in those circumstances."

$13: Ether Prices Plunge in GDAX Exchange

Flash Crash

In yet another instance of just how volatile the cryptocurrency markets can be, the price of ether plummeted to $13 today on cryptocurrency exchange GDAX.

The steep decline, observed at roughly 20:30 UTC, had an outsized effect on the market for the digital token that powers the world's second-largest blockchain. Overall, the value of ether fell to this price after trading at as much as $365.79 earlier in the session, according to GDAX data.

As a result, the flash crash represented a more than 96% decline from the daily high.

Bitcoin Investors Still Small Minority of Investors Worldwide: Survey

Bitcoin investors are still the minority when compared to the total investors worldwide, a recent Global Investor Survey by Monex Group has found.

The study's findings allude to the unknown nature of Bitcoin:

"We asked retail investors about much-talked-about "virtual currency" such as Bitcoins. The results showed that the percentage of retail investors actually investing is still low, with only 3% of retail investors in Japan and the US, and only 10% of retail investors in China (Hong Kong) answering that they had already invested in virtual currency."

Bitcoin Will Make Lots of Millionaires Before "Returning Down to Earth": Economics Professor

Despite its price volatility, Bitcoin is likely to make more millionaires.

Panos Mourdoukoutas, chair of the department of economics at LIU Post in New York City, whose works are published by Forbes and The New York Times, thinks Bitcoin is likely to turn more individuals into millionaires before its price dives again.

Bitcoin recently reached an all-time high of $3,000 this June after a huge correction to $2,682 from $2,957 in the period of two days. This is after tech billionaire Mark Cuban reportedly called Bitcoin's recent price surge a bubble.

However, this is not the case since the cryptocurrency is showing an uptrend, based on its recent price of $2,831 and its continuing upward trend.

Mourdoukoutas shared a partially similar viewpoint to Cuban's. Both had similar claims that Bitcoin's price would drop after a substantial surge, however, he stopped short of calling Bitcoin a bubble.