Not necessarily. It was given to him by his grandmother. Perhaps she's divesting herself of some of her retirement funds for whatever reason (e.g. maybe is actually not all that well off but she wants her grandkids to "have something" but is anticipating losing all she owns in end-of-life care).

That said, there is little to this story that seems impressive to me. Regardless of whether his family is rich or not, being given $1000 for easter is a big deal when one is 14, and therefore most of the rest of this kid's story is better attributed to good luck than talent. What's impressive is that he didn't spend all the bitcoin-windfall on video games, apps, and trying to impress his friends.

Totally agree. This kid is part of the lucky sperm club. It is not a skill. Nothing to see here.

$1000 is not that much money. Grandmothers might figure that it's better to gift money while they are still alive, to save on inheritance tax (among other reasons).