Glauber Contessoto of Los Angeles determined three months in the past to pour his life financial savings into Dogecoin, taking a giant threat that he might both lose all of it or flip a revenue from the meme cryptocurrency.
In accordance with a profile within the New York Times revealed Friday, he maxed out his bank cards, borrowed cash utilizing a margin buying and selling characteristic on the Robinhood app, invested about $250,000, and did not heed warnings from buddies that the “joke coin” might crash.
The worth of his Dogecoin holdings ultimately swelled to $2 million.
Contessoto, who works at a hip-hop media firm and drives what the Occasions described as a beat-up Toyota, has but to money out on his positive aspects and expects Dogecoin’s worth to maintain rising. Promoting too early would threat lacking out on future revenue, he stated, though he does plan to promote 10% of its stake in 2022 when his earnings will likely be categorized as long-term capital positive aspects and taxed at a decrease fee.
“I am bullish as they arrive within the Dogecoin neighborhood,” he advised the Occasions. “If this exceeded my expectations of Dogecoin, and I solely hit it in two months, think about the place it’s going to be in a yr.”
Dogecoin final week hit an all-time excessive above $0.74 earlier than Dogecoin fanatic and Tesla CEO Elon Musk hosted “Saturday Night Live.” The worth of the meme forex, which was began in 2013 by two programmers spoofing the cryptocurrency craze, slid sharply in the course of the billionaire’s TV look.
Rounding off this week’s strikes, Dogecoin leapt 30% throughout Friday’s session, capturing previous $0.52 after Musk stated he is looking into Tesla accepting Dogecoin as a payment method. This come because the billionaire CEO on Wednesday reversed his resolution to permit folks to purchase Tesla automobiles with bitcoin, sending the cryptocurrency tumbling 15%.
Contessoto began shopping for shares on the Robinhood app in 2019 then began wanting into Dogecoin following the buying and selling frenzy in shares of GameStop early this yr. He advised the Occasions that Dogecoin has one of the best branding of all cryptocurrencies.
“I really feel like ultimately we’re all going to be shopping for and promoting issues with memes, and Dogecoin goes to cleared the path,” he stated.