Four months earlier, when he bought in, Dogecoin was priced at around 4.5 cents. He flew to the United States at the age of 6 with his family and resided in Suburban, Maryland. Investorscould get burned, so they should invest only what they can afford to lose. Some might argue - time will tell. Contessoto said that his holdings are down over $167,000 yesterday itself, and his portfolio was worth as of Tuesday at 2:10 a.m. IST. 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. About|Contact Us|Terms & Conditions| Privacy Policy. IF I CAN HODL YOU CAN HODL!!! When finalizing the deal, the company asked if he'd prefer to be paid in U.S. dollars or crypto. "It's a joke coin. At the time, he considered himself a "technology evangelist" but he now proselytises against cryptocurrency. Mr Scott describes it as a cryptocurrency version of an old-style stock market manipulationtailored to the zeitgeist. Glauber Contessoto, who is also known as 'Dogecoin millionaire', became famous after sharing his Dogecoin portfolio on Reddit. We send memes to each other all the time, it's just the way that we communicate, and Generation Z.". 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. I also calculated what I would have done in the stock market if I had just kept all my money in Tesla. The biggest blessing from all this is the online community I've built. So I still feel like I was doing the right thing by holding. Glauber Contessoto, 33, invested over $250,000 in dogecoin in February. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were. An 85-year Harvard study found the No. Then he decided to sell his shares and go all in, as Musk head of Tesla and Space X, the world's richest man got behind the cryptocurrency. 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.). The investor used all his savings and credit card debt to invest $250,000 in the cryptocurrency. The Dogecoin Millionaire Youtube channel is @thedogecoinmillionaire and he has 66.9K subscribers. So far, her record is a bit uneven. In the following weeks, it went to $2 million, then close to $3 million. As a child, he saw his parents struggling to make ends meet. In a YouTube video, he explained why he bought the joke money, and two months later, he announced his new millionaire status on the Dogecoin subreddit. Its an act of rebellion against traditional methods of investment and business. Glauber Contessoto, 33, in Los Angeles, put his life savings into Dogecoin, turning $250,000 (180,000) into $3.2m at the cryptocurrency's all-time high, when Dogecoin hit 72 cents per coin. Dogecoin is currently worth around $0.23, down . Contessoto, 33, invested in Dogecoin last February, according to the New York Times report. Glauber Contessoto's dogecoin holdings on Robinhood as of around 12:00 p.m. EST on Tuesday, July 6. The volatility attracts people who like gambling, excitement and so forth, said David Yermack, a professor of finance and business transformation at New York University. Join half a million readers enjoying Newsweek's free newsletters. (Updated). marenaltman/Instagram, Courtesy of Cooper Turley, 2023 NYP Holdings, Inc. All Rights Reserved, FTXs NishadSingh pleads guilty to fraud, conspiracy charges, Alexis Ohanian used $50M crypto windfall to buy Serena Williams 17-carat engagement ring, SBFssprawling alleged campaign finance scheme detailed in new indictment, Sam Bankman-Fried reportedly caught napping during flight to NYC court hearing, Oh No, Oh No, Oh No No No Song Tiktok Remix Tik tok. I'm here for the long run, and if the ship goes down, I'm going down with the ship. [4] References [ edit] Locke, Taylor (2021-07-06). All of those things are now a lot easier to do because of cryptocurrency.". On April 15, Glauber Contessoto, a 33-year-old Los Angeles native, claimed to be a Dogecoin millionaire. Courtesy Glauber Contessoto. "So, I figured, okay, this is going to be the next play," he said. "But with gambling, there's regulation involved, the casinos can't just take your money and run away with it. Gen Z and millennial investors make up nearly 94% of the crypto market, with older generations sticking with more traditional investments, such as bonds and index funds. I can't sit here saying "I'm gonna hold forever" and then bail as soon as it gets a little tight. Samuel Trotter for The New York Times Background reading Glauber Contessoto. But as we all know, cryptocurrencies have been undergoing a lull lately. One of the developers behind the cryptocurrency, Ross Nicoll, even told Decrypt last month that the development team is now working on making it a serious projecthoping to rival Bitcoin as a quick, cheap, and green payment method. "Woo-wee, a bloodbath, right? Contessoto hopes that his portfolio will be worth a whopping $10 million one day, and then he will convert a tenth of that into fiat. I'm still optimistic though. CNBC had featured the DOGE millionaire a couple of times after the meme-themed digital asset set a new peak price of $0.74 in early May this year, and his Dogecoin became valued at more than $2m. A lot of people don't realize this, but the first time I ever invested in any cryptocurrency was also in February 2021, so I had been in the space for two months and became a millionaire. About two months later, on April 15, he says he became a dogecoin millionaire on paper. Glauber Contessoto, 33, became a 'dogecoin millionaire' after investing his life savings, or $250,000, into the cryptocurrency. What is the Basketball Player J.R. Smiths Net Worth? Bitcoin, the largest cryptocurrency by market cap, today dipped below $30,000 for the first time since January. Investorscould get burned, and in turn, should only invest what they can afford to lose. But I still get a lot of hate from people. The Los Angeles resident reportedly exhausted all of his personal savings on dogecoin, according to Newsweek. For Contessoto, the belief in putting his whole life's savings into a cryptocurrency that was born out of an internet meme was more than just diving in headfirst into a nascent trend, as he loved the community surrounding dogecoin, even appreciating the cryptocurrency's meme origins. This uncertainty is, however, one of the major reasons why experts alert that cryptocurrency is a risky and speculative investment. However, the crypto market is now in the doldrums and has been so after Bitcoin, "the main cryptocurrency" to which all . In February 2021, I put $188,000my life savingsinto Dogecoin. Soon, it was announced that he had become a millionaire. The 33-year old crypto enthusiast put everything at stake but soon got remunerated as Dogecoins worth increased during the first half of 2021. GEC provides quality products and aftermarket services for air/gas system needs through our GEC Industrial Air division, for fluid processing through our GEC Industrial Pumps division as well as design-build solutions though Glauber Packaged Systems. As of around 12:00 p.m. EST on Tuesday, his dogecoin holdings are worth around $931,689. Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. Los Angeles-based Glauber Contessoto became a millionaire on April 15, 2021, 69 days after investing his life savings - over $250,000 in dogecoin in February. We're also seeing murmurs of a recession coming up soon. An 85-year Harvard study found the No. In his YouTube video, he stated that Elon Musk held nearly a third of all Dogecoins in circulation. He earns a little bit of money from selling merch on his website, but his main focus is developing his social media presence. I personally believe that next time we have an incredible market high, Bitcoin is going to hit $100,000 and Dogecoin will hit a dollar. Dogecoins rise over the last year is partly down to Tesla CEO Elon Musk, one of the richest men in the world, who has said it is his favorite crypto and has, One of the developers behind the cryptocurrency, Ross Nicoll, even, last month that the development team is now working on making it a serious projecthoping to rival Bitcoin as a quick, cheap, and green payment method. After hitting a record high on May 8 of around 73 cents, the digital coin fell to around 47 cents on May 9, and Contessoto invested another $17,500, he previously said. Everyone Practices Cancel Culture | Opinion, Deplatforming Free Speech is Dangerous | Opinion. 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. Glauber Contessoto, 33, invested all of his funds into dogecoin, a meme-inspired cryptocurrency that has seen a significant increase in value this year. A rash . Nicoll today updated his followers on Twitter on the teams progress, to which Musk responded: This is an important improvement., Meanwhile, however, the entire crypto market is suffering at the moment. The housing market is likely another; I feel like we're in a bubble with that. "I had no idea how I was going to make money moving forward," he says. "It's getting crazy in this crypto market, right? From The Press. This volatility is why experts warn that Crypto . Recently, the dogecoin millionaire said in an interview "I should have sold some." Damn right, mate. The leading community for cryptocurrency news, discussion, and analysis. Source: Twitter. ", Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. According to CoinMarketCap, Dogecoin is at the moment trading at around $0.2191, with a market value of over $28 billion. Crypto is highly volatile. Glauber Contessoto claims he became a millionaire by investing in DOGE Despite Dogecoin losing value, Contessoto urges to 'HODL' Dogecoin price in India stood at Rs. "It's really brought to the forefront that something that has no intrinsic value, that's not tied to any real-life asset or service, that is just plainly a joke, has become on par with some of the more serious cryptocurrencies like Bitcoin or Ethereum. In the same video, he also revealed he's holding about 3.9 million units of dogecoinworth over $550,000. Today, Dogecoin was trading at $0.19, a 40% decline in value from last week. The meme-induced cryptocurrency that was created as a joke back in 2013 based on the Doge meme of a dog breed Shiba Inu, rocketed to about 73 cents on 8 May, and the value of Contessotos holdings exceeded $2 million. The majority are under 35, and theyre overwhelmingly male, according to Yermack. But 33-year-old Los Angeles resident Jaysn Prolifiqlegally known as Glauber Contessototold Newsweek he does not regret hanging on to his . Contessoto invested over 250,000 in Dogecoin holdings on February 5, and two months later, he later claimed that he became a Dogecoin millionaire. After the major currencies hit all-time highs in May a single Bitcoin peaked at around $65,000 theyve been dropping rapidly, with a Bitcoin now worth less than half that. . Now, the price of the meme coin has dropped dramaticallyalong with the rest of the market. Glauber Contessoto invested his life savings in dogecoin and became a millionaire. Yermack believes the pandemic only accelerated this trend. That changed somewhat when I decided to start doing collaborations, sponsorships, ads and promos for other cryptocurrencies and other projects. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. Mr. Contessoto, legally named Jaysn Prolifiq, was born in Brazil. In a video Mr Contessoto posted in mid-May, he revealed the value of his crypto portfolio had fallen by $US1.8 million in a year but he had still made $US281,000 on his investment. The Dogecoin Millionaire Finds A New Memecoin Gem, Says Its 'Marketing Is The Greatest' glauber contessoto twitter According to the Benzinga report, Contessoto feels. Ms White is concerned about the way cryptocurrency is being marketed to people who are neither tech savvy nor sophisticated investors able to understand the risks they're exposed to. But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. His net worth continued escalating as Dogecoin grew, eventually hitting a 300% rise in its value in April. If I made $3 million on Tesla, nobody would care, but they do care about the dude who turned $188,000 into $3 million with a cryptocurrency featuring a dog meme. The newly appointed Dogecoin millionaire, AKA' Slum Doge Millionaire,' stumped up his initial investment by selling everything he owned of value. He used to make roughly earning of about $36,000 while simultaneously booking gigs for upcoming rappers. Blood in the streets, right?" he told his many online followers in a video. Read the latest news, events, reviews, videos, technical analysis and guides around crypto. Then I started getting a lot of hate. "It's something at the SEC we used to call the Greater Fool Theory that you believe there's a greater fool out there who will pay more, whatever the cryptocurrency might be.". Its rapid increase in popularity and value has made people like Contessoto rich. The 33-year-old tells CNBC Make It that he decided to invest in Dogecoin after learning about it on Reddit. Tank Davis Net Worth 2023: How Much Does Tank Davis Make? But crypto investor Cooper Turley, 26, said its only a matter of time before alternative currencies are completely mainstream. Last month his holdings touched $2 million. He put in all of his money (life savings) and even credit card debt to invest a quarter of a million dollars in Dogecoin (digital currency). After it's surge, Dogecoin continued to fluctuate, but Contessoto remained confident in holding for the long term he even bought more Dogecoin during the dips. His holdings went up in value and touched $2 million. All Rights Reserved. It's getting sweaty in here; you know what I'm saying?". Last month his holdings touched $2 million. And a lot of people did, especially for the first six to eight months. Whats Quick card san diego charge on credit card? If I could go back in time, I probably would have taken out $1 million or $500,000. Gen Z and millennial investors are flocking to buy shares of cryptocoin, such as Bitcoin or Ethereum, with the hopes of winning big. Up until yesterday, I had been a millionaire, if bitcoin and ethereum werent also [hit], Id be worried.. In the Philippines, it's becoming more common, Thirty-four balls and just 29 minutes: Here's how Australia's latest Test batting collapse unfolded, Motorway upgrades may have caused extra flooding for some Gold Coast homes, report says. Between his savings and borrowed funds, Contessoto says that heinvested over $250,000 in dogecoinon February 5 when it was priced at about 4.5 cents. Some say cryptocurrency is the future of money, and the technology it's built on is destined to revolutionise the internet and the society. On February 5, Glauber stated he put about $180,000 into Dogecoin at a price of roughly $0.045 cents. Gotta love the conviction. Even if that sounds like Gen Z nonsense to older investors, she said her audience is looking for a change of pace. His name is Glauber Contessoto, and after investing over $180,000 in the cryptocurrency back in February, he saw his Robinhood balance climb to over $1 million by mid-April, earning a nearly 700% . "It took me two months to become a millionaire.". At that time it was worth around 5 cents per coin. Keeping up with his initial plan, Contessoto will sell around 10% of his holdings when his portfolio gets as far as a $10 million value, and the rest 90% will be left as it is- invested. Glauber Contessoto 33 Dogecoin All-in Dogecoin . "We thought it would last maybe three days," he said in a 2014 interview. Glauber Contessoto put everything he had into Dogecoin, a highly volatile cryptocurrency that was originally invented as a joke. According to the complaint, a business called EthereumMax paid celebrities to whip up hype about their "Emax" token. Whatever happens in the short-term doesnt matter to me because Im looking to hodl dogecoin for years to come. I STILL BELIEVE IN #DOGECOIN, he said on Twitter. I was hoping that people would back me up, be supportive, and show me love. Contessoto, 33, invested in Dogecoin last February, according to the New York Times report. 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. As the New York Times magazine reports, Glauber Contessoto, 33 years old, made his initial investment in the blockchain technology in February 2020. ", Despite the dogecoin price today being nowhere near its previous all-time high, the "dogecoin millionaire" still refuses to sell his meme-inspired cryptocurrency. Two months later, in April, he became a. "It has no underlying intrinsic value. His comments follow Augustreportsthat Marvel partnered with VeVe to launch its first NFT collection featuring popular superhero Spider-Man with prices ranging between $40 and $400. But what if I tell you that Mr. Glauber Contessoto did just that without taking into account the risks associated with the investment. "All types of horrific crimes from ransomware attacks, and terrorism, and evading sanctions during war time, which is what's going on right now, drug dealing, sex trafficking. As to why Dogecoin and cryptocurrency is in its current state? Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. 2021-07-06 ), I put $ 188,000my life savingsinto Dogecoin six to eight months 12:00 p.m. on! Under 35, and Generation Z. `` and business matter of time before alternative currencies completely! 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