Inspired by Elon Musk, no less! A Dogecoin investor shared has his story of how he became a crypto millionaire in just a little over 2 months after learning about the meme currency.
33 years of age, Glauber Contessoto works at a music company in Los Angeles.
In an interview with CNBC Make It, he revealed that he invested a sum of a little over $180,000 in Dogecoin on February 5. Back then, the price of the digital coin was about 4.5 cents. Inspired by the tweets from the Tesla chief, he poured all his life saving into it.
Contessoto explains that he was drawn to Dogecoin for a few reasons. The community the meme cryptocurrency has on Reddit being one, and Elon Musk being the other. The Tesla boss has tweeted about Doge on several occasions.
“A reason why I put my savings into dogecoin is Elon Musk … I think the guy is a genius.”
Furthermore, he said that he appreciates that the crypto was inspired by Shiba Inu “Doge” meme.
He is also very bullish on the coin, and its future growth, and holds a view that it could help him build generational wealth to pass onto his family. Contessoto says that he grew up really poor, so this is a huge deal for him.
To invest in Dogecoin, Contessoto sold all of the stocks he owned, including shares of Tesla and Uber. Then, he poured all his savings into the cryptocurrency, and invested on margin by borrowing money from Robinhood via the app.
As you can imagine, this was a huge risk for Contessoto, as the supply of Dogecoin is centered around two guys who are in possession of 30% of all coins.
About two months later, on April 15, the price of Dogecoin began to surge. It spiked 400% and hit a market capitalization of $49 billion the next day, ultimately reaching a record high of around 45 cents that left Contessoto with a balance of $1,081,441.29.
This, he posted on Reddit for others to see.
Contessoto insists that he doesn’t intend to sell his dogecoins anytime soon, as he believes that this stuff is going to continue to grow. His plan is to take out 10% once the digital currency hits $10 million.
Aww! Don’t you just love happy endings?
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