- Glauber Contessoto of Los Angeles poured his life financial savings into Dogecoin, in line with a profile of the meme foreign money investor in The New York Times.
- The worth of his holdings within the cryptocurrency ultimately grew to roughly $2 million.
- Contessoto advised the Instances he expects Dogecoin’s value to maintain transferring greater and he plans to maintain a decent grip on his holdings.
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Glauber Contessoto of Los Angeles determined three months in the past to pour his life financial savings into Dogecoin, taking a giant danger that he may both lose all of it or flip a revenue from the meme cryptocurrency.
Based on a profile within the New York Times printed 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 associates that the “joke coin” may 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 Instances described as a beat-up Toyota, has but to money out on his positive aspects and expects Dogecoin’s value to maintain rising. Promoting too early would danger lacking out on future revenue, he mentioned, though he does plan to promote 10% of its stake in 2022 when his earnings will likely be labeled as long-term capital positive aspects and taxed at a decrease price.
“I am bullish as they arrive within the Dogecoin neighborhood,” he advised the Instances. “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 value of the meme foreign money, 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, taking pictures previous $0.52 after Musk mentioned he is looking into Tesla accepting Dogecoin as a payment method. This come because the billionaire CEO on Wednesday reversed his choice to permit individuals to purchase Tesla autos with bitcoin, sending the cryptocurrency tumbling 15%.
Contessoto began shopping for shares on the Robinhood app in 2019 then began trying into Dogecoin following the buying and selling frenzy in shares of GameStop early this yr. He advised the Instances 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 prepared the ground,” he mentioned.