Man forced to borrow money to invest in Dogecoin, now a DOGE millionaire

A joke currency that made a man millionaire –- how’s that for a DOGE story?

A 33-year old music company employee is now in the spotlight after deciding to share his story of becoming a DOGE millionaire in just two months.

Glauber Contessoto said that he read about Dogecoin (DOGE) on Reddit and was inspired by Tesla’s Elon Musk, who has tweeted about the meme cryptocurrency on several occasions.

The inspiration was no joke at all, as the brave investor put $180,000 on Dogecoin last February 5 when it was valued at just about 4.5 cents. In order to invest, Contessoto said he sold all stocks he owned, including shares of Tesla and Uber, as well as borrowing money from Robinhood via the application.

Why Dogecoin?

An interview on CNBC’s Make It cited by News.bitcoin.com revealed that the new millionaire had few reasons why he chose the joke cryptocurrency that started in 2013.

Aside from his love for the Reddit community that surrounds Dogecoin (DOGE), he also appreciates that the crypto was inspired by a Shiba Inu “Doge” meme. He also raves about the growth of the altcoin, believing that it could help him have “generational wealth.”

“I grew up really poor, so this is a huge deal for me,” he said, adding one of the reasons why he put his savings into Dogecoin is “Elon Musk… I think the guy is a genius.”

A worthy investment and risk

Even when one of his friends warned him, Contessoto took risks, and it eventually paid off.

Dogecoin price started to surge on the night of April 15, and on April 16 reached a record high price of $0.45, pushing its market capitalization to almost $50 billion. That same day (16th), Contessoto’s balance on Robinhood was almost $1.1 million.

He posted it on Reddit so that others may see, but was also quick to clarify that he has no intentions of selling his Dogecoins anytime soon.

 

Image courtesy of Andrei Jikh/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.