A millennial “dogecoin millionaire” after being paid in dogecoin
Glauber Contessoto took a big risk on dogecoin, a memes-inspired cryptocurrency that started out as a joke earlier this year.
Between his savings and the borrowed funds, Contessoto says he invested more than $ 250,000 in dogecoin on February 5, when it was valued at around 4.5 cents. About two months later, on April 15, he says he became a paper dogecoin millionaire.
Contessoto has since refused to sell, despite dogecoin’s ups and downs. He plans to buy more digital parts and “hodl” in the long run.
Contessoto believes in dogecoin so much that he now asks to be paid whenever he works with crypto brands on social media promotions.
Contessoto will win a total of $ 25,000 for an upcoming partnership between his YouTube channel and the Acria Network blockchain project, he told CNBC Make It. When finalizing the agreement, the company asked him if he would rather be paid in US dollars or in crypto.
“Of course I said dogecoin,” he says. “So they literally paid me in dogecoin. They gave me half up front and the other half when I deliver the video.”
To keep up with his growing brand of online ‘dogecoin millionaire’, Contessoto also quit his day job at a music company in Los Angeles in June. “I had no idea how I was going to make money in the future,” he says.
He earns some money selling products on his website, but his main goal is to grow his social media presence.
In one month, he made $ 28,000 from social media ads and promotions, which were mostly paid in dogecoin. “That’s about six months salary for my old job,” Contessoto says.
After covering all of his bills, including rent, food, and other expenses, Contessoto plans to continue investing as much as he can in dogecoin. Although experts warn against this, “[I’m] all invested in doge, ”says Contessoto. “Doge is my savings account.
Around 12:00 p.m. EST on Tuesday, his dogecoin holdings are worth around $ 931,689.
Dogecoin is trading at about 23 cents starting at 4:00 p.m. EST Tuesday, according to CoinMarketCap. But, “if it goes below 20 cents next week, I’ll buy back the drop,” Contessoto says. After hitting a record on May 8 of about 73 cents, the digital coin fell to around 47 cents on May 9, and Contessoto invested an additional $ 17,500, he previously said.
However, financial experts are very skeptical of dogecoin, as well as other cryptocurrencies. Their extreme volatility is one of the reasons experts warn that this is a risky and speculative investment.
And some warn to be especially careful when investing in dogecoin in particular, as it lacks the scarcity and technological development of bitcoin, for example. Investors could be burnt out and, in turn, should only invest what they can afford to lose.
“You could lose almost all the money you put in,” James Ledbetter, editor of the FIN fintech newsletter and contributor to CNBC, previously told CNBC Make It. “It has no intrinsic value and its price may as well fall as it may continue to rise.”
Still, Contessoto’s outlook on dogecoin remains extremely optimistic. Depending on what happens in the coming months, he thinks the price could go up. He hopes it will hit $ 1 by the end of the year.
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