A Dogecoin investor shared his story. He became a cryptocurrency millionaire in just over two months after learning about the meme cryptocurrency and putting all his savings into it. He said he was inspired by Elon Musk’s tweet about Dogecoin.
A governor millionaire shared his story
33-year-old Glauber Contessoto, who works for a music company in Los Angeles, shared the story of how he became a Dogecoin millionaire in just over two months.
The investor told CNBC Make It in an interview published on Friday that he invested $180,000 in Dogecoin on February 5, when the price of Dogecoin was about 4.5 cents. He learned about the memetic cryptocurrency on Reddit and was inspired by Elon Musk, Tesla’s technical envoy, who has posted DOGE on Twitter several times.
Contessoto explained that he was attracted to Dogecoin for several reasons. He said that in addition to loving the Reddit community around Dogecoin, he also thanked the cryptocurrency’s inspiration from the Shiba Inu “Doge” meme. He is also very optimistic about the growth of tokens, believing it can help him accumulate “wealth passed on from generation to generation” and pass it on to future families. He said: “I was really poor when I grew up, so it means a lot to me.”
In addition, like many Dogecoin holders, he said:
The reason I put my savings in Dogecoin is Elon Musk, who I think is a genius.
In order to invest in DOGE, Contessoto sold all the stocks he owned, including those of Tesla and Uber, and injected all his savings into cryptocurrencies. Then, he borrowed money from Robinhood through the app to invest in margin.
Many experts warned of investing in Dogecoin. For example, Galaxy Digital’s Bitcoin bull Mike Novogratz told CNBC this week that Dogecoin “actually two people own 30% of the entire supply”. He added that Bitcoin also has an extensive and well-funded ecosystem that Dogecoin does not exist, and Dogecoin does not have the same supply cap as Bitcoin.
Despite warnings from friends, it is a huge risk for Contessoto to invest in and hold the cryptocurrency. One of his friends warned: [scheme]. In the end it will be zero. “
About two months later, on the night of April 15, the price of Dogecoin began to soar. Then it soared 400% and reached a market value of $49 billion on April 16. Dogecoin eventually reached an all-time high of about 45 cents. Contessoto had a balance of $1,081,441.29 on Robinhood on April 16, and he posted this currency on Reddit for others to view.
He insisted that he did not plan to sell his Dogecoin anytime soon, and he said:
My plan is that once I reach $10 million, I will spend 10%. These things will continue to grow.
According to data from markets.Bitcoin.com, the price of Dogecoin is currently $0.284006. Despite the recent drop in prices, Contesosoto said that his DOGE balance is still more than $1 million.
What do you think of this Dogecoin investor’s story? Let us know in the comments section below.
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