The hardcore investor shared his story of how he became a cryptocurrency millionaire in just over two months after discovering the cryptocurrency meme and putting all his savings into it. He said he was inspired by Elon Musk’s tweets about dochecoin.
The millionaire-dog shares his story.
Glauber Contessoto, a 33-year-old who works for a music company in Los Angeles, told how he became a millionaire in just over two months.
He invested over $180,000 in docecoin on the 5th. February, when the price was about 4.5 cents, the investor said in an interview with CNBC Make It published Friday. He discovered the cryptocurrency meme on Reddit and was inspired by Tesla technologist Elon Musk, who has talked about DOGE several times on Twitter.
Contessoto explains that he was attracted to docecoin for several reasons. Not only does he love the Reddit community around Dogecoin, but he says he appreciates the fact that the cryptocurrency was inspired by the Shiba Inu Doge meme. He is also very optimistic about the growth of the currency, believing it can help him build a generative fortune that he can pass on to his future family. I grew up very poor, so this is a big problem for me, he said.
He also said, like many other dog owners:
If I invested all my savings in Dogecoin, it’s because of Elon Musk….. I think this guy’s a genius.
To invest in DOGE, Contessoto sold all the stocks he owned, including Tesla and Uber, and invested all his savings in cryptocurrencies. He then invested on margin by borrowing money from Robinhood through the app.
The price of Doceton has skyrocketed in recent months. Source: Markets.Bitcoin.com
A number of experts have warned against investing in Prehecoin. For example, bitcoin bull Mike Novogratz of Galaxy Digital told CNBC this week that the dog literally has two guys who own 30% of the total supply. He added that bitcoin also has an extensive and well-funded ecosystem, which is not the case with a dog-nut that has no power cap like bitcoin.
It was a big risk for Contessoto, as he invested in the cryptocurrency and stayed with it despite warnings from his friends, one of whom was a friend: Dude, it’s a pump-and-drain system. He’ll be worthless in the end.
About two months later, on the night of the 15th. In April, the price of docecoin began to rise. After that, it increased by 400% and reached its highest level on the 16th. April with a market capitalization of $49 billion. Eventually, Dogecoin reached a record high of 45 cents. The balance of the Contessoto account as of 16. April on Robinhood was $1,081,441.29, which he posted on Reddit for others to see.
He insisted that he would not sell his dogs easily:
My plan is that once I have $10 million, I will withdraw 10%. This thing will continue to grow.
Dogecoin currently has a price of $0.284006 according to data from market.Bitcoin.com. Despite the recent drop in the stock price, Contessoto says his DOGE balance is still over $1 million.
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