While bitcoin is sinking into oblivion as of late (the world’s number one digital currency by market cap fell from around $64,000 two weeks ago to roughly $49,000 at the time of writing), it looks like Dogecoin continues to spike like there is no tomorrow, and many of its investors are raking in some serious profits. One is Glauber Contessoto, who recently became a Dogecoin millionaire.
Contessoto Made a Valid Investment Decision
Contessoto first began investing in the altcoin after it garnered heavy attention from Elon Musk, the South African entrepreneur behind billion-dollar companies such as Tesla and SpaceX. Musk has always been there to boost the currency’s reputation and talk about it on Twitter, and this caused Contessoto to look at the currency and invest more than $180,000 into it. A rash decision some might think, but it has certainly paid off today. That $180,000 has since turned into more than $1 million.
This allegedly occurred on April 15 of this year, and Contessoto could not believe his eyes when it happened. He explained in a recent interview:
I was up all night just staring at my [computer] screen.
He invested the money in early February when the asset was trading for just over four cents. Now that the asset has increased its price by ten times, Contessoto can call himself a crypto millionaire. Even more impressive is that the investment grew to this scale over the course of just two months.
But aside from Elon Musk’s past support, Contessoto says that he is highly intrigued by Dogecoin for several reasons, one being that he is a big fan of the Reddit community behind the asset. He also thinks the little Shiba Inu mascot the currency is famous for is rather cute.
In the long run, while he is quite happy to have garnered so much money this quickly, he is more excited about the fact that he can potentially share this wealth with his family and establish some financial security for those closest to him. He comments:
I grew up really poor, so this is a huge deal for me.
Contessoto says that he took a big chance in investing the way he did. Things could have turned out quite bad, and he is grateful that luck moved in his favor. As an employee of a Los Angeles-based music company, he is used to living paycheck to paycheck, and decided that if he were going to do this, he would need to use all his savings and sell all his stock so that he could have the extra money to invest. In addition, he borrowed money from Robinhood to increase his purchase.
Using Some of Those Profits for Good
He also has big plans for his investment. He states:
My plan is once I hit $10 million, then I will take out ten percent. This stuff is going to continue to grow.