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Dogecoin Investor Explains How He Became Millionaire In Two Months

by : Hannah Smith on : 26 Apr 2021 17:07
Dogecoin Investor Explains How He Became Millionaire In Two MonthsForextime.com/Flickr CC BY 2.0

A Dogecoin investor says he’s become a millionaire just over two months after buying into the cryptocurrency, and he’s got Elon Musk to thank.

Glauber Contessoto bought $180,000 worth of the meme currency in February this year, and has spent the past few weeks watching his investment skyrocket as Dogecoin and other cryptocurrencies’ value soared.

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Now, he claims he’s officially become a Dogecoin millionaire, just 69 days (yes, really) after he first bought in. In posts on social media, Contessoto said he reached the milestone on April 15, and believes he’s the first Dogecoin millionaire of 2021.

After pooling his savings, liquidating all his existing stocks, maxing out credit cards and borrowing from investment app Robinhood, Contessoto made the leap on February 5, buying five million Dogecoins at ‘about 4 cents each.’ Since then, the value of the cryptocurrency has reached record heights, more than quintupling his initial investment.

Contessoto has previously explained why he decided to pile everything he had into a little-known cryptocurrency, posting videos to YouTube about his main reasons for taking the risk. The 33-year old music industry worker’s decision was apparently inspired in large part by the Dogecoin community on Reddit, which in early 2021 grew in popularity as investors bought into the goal of getting the meme currency ‘to the moon’ – a reference to the group’s attempts to push Dogecoin to $1 dollar in value.

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But like many Dogecoin backers, Contessoto was also motivated by Elon Musk, who has emerged as Dogecoin’s most prominent backer. In recent months, the Tesla and SpaceX CEO’s Twitter feed has been filled with memes and advice about investing in the currency, and while it’s not clear how much cryptocurrency Musk holds himself, he did claim in February to have bought Dogecoin for his son, X Æ A-Xii.

Contessoto admits that he’s a fan of Musk personally, telling CNBC, ‘I think he’s a genius,’ but in his YouTube videos, he’d explained he believes Musk’s support for Dogecoin is a signal that the cryptocurrency is primed for big things. ‘Elon Musk had a lot of doubters in the beginning… [and now] he’s passed Jeff Bezos as the richest man alive,’ says Contessoto. ‘Is that someone I want behind my cryptocurrency? Yes, it is.’

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Ironically, in order to invest in Dogecoin Contessoto had to withdraw the money he had put into other Musk-backed ventures like Tesla, and he says many of his friends warned him against the move, but it’s a decision that seems to have more than paid off.

Despite recent dips in Dogecoin’s value and warnings from analysts, Contessoto says he’s not ready to quit just yet. ‘My plan is, once I hit $10 million, then I’ll take out 10%,’ he told CNBC. ‘This stuff is going to continue to grow.’

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Topics: Technology, cryptocurrency, Dogecoin, Elon Musk, Now

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CNBC
  1. CNBC

    ‘I just became a dogecoin millionaire’: This 33-year-old invested his savings in the meme cryptocurrency with inspiration from Elon Musk