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23-06-2021, 09:39 PM
‘Up until yesterday, I had been a millionaire’: This 33-year-old dogecoin investor refuses to sell despite losing over $167,000 in one day
Taylor Locke
Published Tue, Jun 22 20217:11 PM EDTUpdated Tue, Jun 22 20219:34 PM EDT
Glauber Contessoto says that he invested over $250,000 in dogecoin on Feb. 5 with a belief that he’d become a millionaire — and on April 15, he did.
But on Monday, the top cryptocurrencies by market value — including bitcoin, ether and dogecoin — started to crash following news of a crackdown in China, CNBC reported.
With losses extending on Tuesday, Contessoto’s portfolio, which contains only dogecoin, was hit. His holdings are down over $167,000 on Tuesday alone, he tells CNBC Make It, and his portfolio was worth $831,538.88 as of Tuesday at 4:40 p.m. EST, he says.
“Up until yesterday, I had been a millionaire,” Contessoto, 33, says. “If bitcoin and ethereum weren’t also [hit], I’d be worried.”
![[Image: 106901114-1624399510141-Glauber_doge_622...1624399581]](https://image.cnbcfm.com/api/v1/image/106901114-1624399510141-Glauber_doge_622.jpg?v=1624399581)
Glauber Contessoto’s dogecoin holdings via Robinhood on June 22.
Four months ago, when he bought in, dogecoin was priced at about 4.5 cents. On May 8, the meme-inspired cryptocurrency, which was created as a joke in 2013 based on the “Doge” meme of a shiba inu dog, hit an all-time high of about 73 cents, and the value of Contessoto’s holdings surpassed $2 million.
After its surge, dogecoin’s price continued to fluctuate, but Contessoto remained confident in holding for the long-term — he even bought more dogecoin during the dips. Even now, he refuses to sell.
This volatility, however, is in part why experts warn that cryptocurrency is a risky, speculative investment. Some warn to be especially cautious when investing in dogecoin, since it lacks the scarcity and technological development that bitcoin has, for example.
More details in https://www.cnbc.com/2021/06/22/millenni...crash.html
Taylor Locke
Published Tue, Jun 22 20217:11 PM EDTUpdated Tue, Jun 22 20219:34 PM EDT
Glauber Contessoto says that he invested over $250,000 in dogecoin on Feb. 5 with a belief that he’d become a millionaire — and on April 15, he did.
But on Monday, the top cryptocurrencies by market value — including bitcoin, ether and dogecoin — started to crash following news of a crackdown in China, CNBC reported.
With losses extending on Tuesday, Contessoto’s portfolio, which contains only dogecoin, was hit. His holdings are down over $167,000 on Tuesday alone, he tells CNBC Make It, and his portfolio was worth $831,538.88 as of Tuesday at 4:40 p.m. EST, he says.
“Up until yesterday, I had been a millionaire,” Contessoto, 33, says. “If bitcoin and ethereum weren’t also [hit], I’d be worried.”
Glauber Contessoto’s dogecoin holdings via Robinhood on June 22.
Four months ago, when he bought in, dogecoin was priced at about 4.5 cents. On May 8, the meme-inspired cryptocurrency, which was created as a joke in 2013 based on the “Doge” meme of a shiba inu dog, hit an all-time high of about 73 cents, and the value of Contessoto’s holdings surpassed $2 million.
After its surge, dogecoin’s price continued to fluctuate, but Contessoto remained confident in holding for the long-term — he even bought more dogecoin during the dips. Even now, he refuses to sell.
This volatility, however, is in part why experts warn that cryptocurrency is a risky, speculative investment. Some warn to be especially cautious when investing in dogecoin, since it lacks the scarcity and technological development that bitcoin has, for example.
More details in https://www.cnbc.com/2021/06/22/millenni...crash.html
Specuvestor: Asset - Business - Structure.
