Glauber Contessoto maxed out his credit cards to invest in Dogecoin, he told The New York Times. But his risks paid off. All information mentioned in our website is for informational and educational purposes only. Altcoins, which typically follow Bitcoin sell-offs, have followed. Whatever happens in the short-term doesnt matter to me because Im looking to hodl dogecoin for years to come. Glauber Contessoto took a big risk on dogecoin, a meme-inspired cryptocurrency that began as a joke, earlier this year. Glauber Contessoto works at a music company in Los Angeles and belongs to a middle class family. Contessoto said that there were three main reasons why he decided to invest in Dogecoin: (1) he loved the Dogecoin community on Reddit; (2) he liked the "Shiba Inu" meme; and (3) Elon Musk's Dogecoin advocacy. It's like Jay-Z said: "First they love me, then they hate me, then they love me again.". In this investment journey, his friends even criticized him, "Dude, it's a pump-and-dump [scheme]," one of his friends said in a text message. Also, I had gone out and preached about those coins being the future. All of those things are now a lot easier to do because of cryptocurrency.". Even if that sounds like Gen Z nonsense to older investors, she said her audience is looking for a change of pace. Glauber Contessoto put everything he had into Dogecoin, a highly volatile cryptocurrency that was originally invented as a joke. 18.9K followers. However, he went ahead with it and, on the 5th of February, invested a considerable chunk in Dogecoin holdings. Glauber Contessoto said that he became a dogecoin millionaire on April 15, 2021. ", "I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. "They were all like, you're crazy," he said. When finalizing the deal, the company asked if he'd prefer to be paid in U.S. dollars or crypto. People had a lot of free time on their hands and were locked in their apartments, he said. A dollar invested in Dogecoin on Jan. 1 would be worth $203 today much more than a comparable investment in . The developers behind the coin wanted to make a silly cryptocurrency with no real valueand even based its image on a popular internet. However, he still believes that things will turn out good for the cryptocurrency and refuses to give up his stocks. The law firm has launched a multi-million-dollar class action against a schemethat used major celebrities including reality TV star Kim Kardashian and former world champion boxer Floyd Mayweather to promote a crypto token. Still, Contessoto, just like many big bulls, remains extremely optimistic about Dogecoin, although he isnt presently a millionaire by Dogecoin on paper. Contessoto 202140.72Contessoto18200 ""dogecoin millionaireContessoto16 Contessoto Contessoto"" In July, Contessoto said he bought more Dogecoins worth $5,300 (roughly Rs 3.94 lakhs). Glauber Contessoto puso todo su dinero en Dogecoin. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. SlumDoge Millionaire," Glauber Contessoto declares to his hundreds of thousands of followers online. Glauber Contessoto 33 Dogecoin All-in Dogecoin . It fills a gap that had been created by the lack of entertainment and the lack of recreation that the pandemic caused. (He said he saw this happen firsthand, when his 21-year-old son invested his stimulus check in cryptocurrency.). According to the Benzinga report, Contessoto feels Dogecoin will "be every newcomers' bridge" into cryptocurrency in the years to come. But as we all know, cryptocurrencies have been undergoing a lull lately. Contessoto told CNBC that he grew up poor and that his gain from the meme currency was a huge deal for him. Courtesy Glauber Contessoto. Crypto is highly volatile. "It's getting crazy in this crypto market, right? Cryptocurrency gained traction with the emergence of Bitcoin 12 years ago, and has since grown to include more than 10,000 types of coins. Glauber Contessoto, 34, lives in Las Vegas, Nevada. Now, he aims to keep the currency for a far longer period of time than merely a year. ", Investors are mounting big bets against these 2 A.I. HONEST review, Cup Loan Program Application Legit or Scam? According to CoinMarketCap, Dogecoin is at the moment trading at around $0.2191, with a market value of over $28 billion. [4] References [ edit] Locke, Taylor (2021-07-06). Once I put it all out there, I even had people messaging me apologizing for saying mean things to me before. In February, when Glauber Contessoto decided to invest his life savings in Dogecoin, his friends had concerns. Though experts warn against it, "[I'm] all invested in doge," Contessoto says. In the volatile cryptocurrency market, you don't need to be on the end of a scam to lose money. He plans to buy more of the digital coin and "hodl" for the long haul. In pursuit of his dreams, he moved to Los Angeles and worked as a video editor at a music company. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up. . He now has more than $800,000 in Doge. Whats Purchase Performance prediction atlanta ga charge on debit card? The Dogecoin Millionaire Youtube channel is @thedogecoinmillionaire and he has 66.9K subscribers. In April, my investment had risen to over $1 million. The 'SlumDoge Millionaire' made it big with crypto. He joined the Columbus Crew in 2013 after spending three years with Rapid Bucuresti. My options were to sell out of my Dogecoin at $3 million and go on to live a happy life or, I had be out there hustling. All rights reserved. In fact, even as Bitcoins hype remains to grow and people keep investing, many personalities think its a bubble, and not something to invest in. "It's getting crazy in this crypto market, right? But despite the surge in value of the coin, rising more than 12,000% from January to its peak in May, Contessoto didnt cash out. He told Insider that he believes cardano will be "blockchain 3.0" and is buying the ada token. According to his own account, Mr Contessoto grew up poor in a family that emigrated to the United States from Brazil and was determined to make money. He said that he took a huge risk to buy Dogecoin by using all his savings and sales from his shares of Tesla and Uber and that he invested on margin from Robinhood. (Updated), Kdpals charge on credit card and bank statement: What its about, Reetata green tea mask scam: HONEST review (Updated), Is Aikocol.com a scam or legit? Whatever Happened To The Dogecoin Millionaire. Brazilian defender who played a season for Manchester City in the English Premier League. Now, Glauber Contessoto tells that he intends to go "all in" on another cryptocurrency. Its rapid increase in popularity and value has made people like Contessoto rich. 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On the website r/dogecoin, the trader even posted a screenshot of his Robinhood account with the caption "I just became a Dogecoin millionaire.". He became a prominent figure in the cryptocurrency community in 2021 after he became a millionaire by investing his life savings in Dogecoin.. Glauber Contessoto believes deeply in Dogecoin, betting his life savings on the cryptocurrency's performance. Bitcoin, the largest cryptocurrency by market cap, today, $30,000 for the first time since January. Please DYOR before investing. Social media plays a role in cryptocurrency investments, for both people who are looking to invest, as well as content creators who use it to guide others investment decisions. However, financial experts are highlyskeptical of dogecoin, as well as other cryptocurrencies. The Dogecoin millionaire told CoinStats that he sold his Tesla and Uber stocks and gathered $250,000 with the help of Robinhood's margin investment feature, subsequently investing all of it into the memecoin. . Investorscould get burned, and in turn, should only invest what they can afford to lose. 14.27 on July 22 morning Mr Contessoto has the kind of rags to riches tale that has drawn many people to cryptocurrency. All views expressed in this article are the author's own. The investor used all his savings and credit card debt to invest $250,000 in the cryptocurrency. "It's a joke coin. He used to make roughly earning of about $36,000 while simultaneously booking gigs for upcoming rappers. As a child, he saw his parents struggling to make ends meet. Although he remained well ahead on his investment, he was no longer a Dogecoin millionaire. "To our mind, as we alleged in our complaint, it appears to be a classic pump and dump scheme.". In fact, Contessoto even told CNBC that he treats his doge portfolio as his savings account, and still continues to accumulate more dogecoin whenever it dips. I was hoping that people would back me up, be supportive, and show me love. Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. However, this all changed whenContessoto first learned about dogecoin on Reddit. Glauber Contessoto who became famous as "the Dogecoin DOGE/USD millionaire" after his net worth skyrocketed following an investment in the memecoin shared his next speculative asset and. "I can't pass up a good bargain," Contessoto said. Contessoto earned notoriety in the Cryptocurrency community when he turned $180,000 into $3 million in 3 months. The younger generations dont think so. The market overall tends to be high risk, high reward: for instance, 33-year-old Dogecoin investor Glauber Contessoto became a crypto millionaire earlier this year, only to recently lose $167,000 overnight. I've already decided that whatever happens, happens. This uncertainty is, however, one of the major reasons why experts alert that cryptocurrency is a risky and speculative investment. Larry David, co-creator of the sitcom Seinfeld and star of Curb Your Enthusiasm, portrayed a hapless doubter while the ad warned "Don't be like Larry". But, "if it drops below 20 cents next week, I'll buy the dip again," Contessoto says. BuyBlockchain.net . IF I CAN HODL YOU CAN HODL!!! The 33-year old crypto enthusiast put everything at stake but soon got remunerated as Dogecoins worth increased during the first half of 2021. . "You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. Reddit threads, YouTubers and Twitter accounts accumulate hundreds of thousands of followers searching for crypto tips. By May 2021, Glauber Contessoto assets had grown to 2 . "They're not all that different. The housing market is likely another; I feel like we're in a bubble with that. I started doing the math and running all the numbers, and if I had just held my entire original investment in Tesla, I would have had $3 million. ", Despite the dogecoin price today being nowhere near its previous all-time high, the "dogecoin millionaire" still refuses to sell his meme-inspired cryptocurrency. He worked for decades in law enforcement with the principal markets' regulator in the United States, the Securities and Exchange Commission, specialising in online violations of law, and serving as the inaugural head of its office of internet enforcement, a position he held for 11 years. Ms White has a soft spot for the Dogecoin, the satirical crypto that became mainstream. admin - May 27, 2021 . Was hoping that people would back me up, be supportive, and in turn, should only invest they... 30,000 for the first time since January YouTubers and Twitter accounts accumulate hundreds thousands... Go up scheme. `` investment in typically follow Bitcoin sell-offs, followed! 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