Wesley Pessano Santarem died in the shooting while driving his red Porsche Boxster through the streets of the Brazilian town of Sao Pedro da Aldeia.
Mr. Pessano’s murder, known for promoting his financial success and lifestyle on social media, took place in front of witnesses in broad daylight.
Mr. Passano, 19, is said to have made his fortune in Bitcoin over the past three years.
His latest Instagram post, where he had 134,000 followers, featured him posing in front of his car with a handful of cash.
And he also ran a YouTube channel with 15,600 subscribers where he gave subscribers investment advice.
He was on his way to the hairdresser when he was ambushed and assaulted.
Witnesses told authorities the killers were driving a silver Volkswagen when the violence erupted.
Police say Passano was hit by at least four bullets, including one in the head.
A passenger in the car was also injured in the shooting and taken to hospital for treatment.
Mr Passano was originally from the southern Brazilian state of Rio Grande do Sul, but had moved to Cabo Frio in the southeast of the country last year,
The police did not reveal the identity of any suspect or the reason for the murder.
The investigation is ongoing.