Thanks to Elon Musk's Dogecoin tweets, Glauber Contessoto became a millionaire in a short period of time.
Glauber Contessoto, also known as “ProTheDoge”, is a familiar face in the cryptocurrency community with the title of “Dogecoin millionaire”. The motivation for success comes from Elon Musk.
Like many Dogecoin holders, Contessoto invested in the coin in April 2021 because the Tesla CEO had tweeted about it multiple times. “While I’m not sure if Musk’s pro-Dogecoin tweets are serious, I think he’s a genius,” Contessoto said.
Thinking is doing, the guy used all his savings, sold all his stocks, including Tesla and Uber stocks, and bought Dogecoin. The investment amount at that time was more than 180,000 USD, when the above digital currency was only worth 4.5 cents.
Less than two months later, on the evening of April 15, the price of Dogecoin began to rise and reached a record high of 45 cents per coin. Some people believe this was a result of the successful IPO of cryptocurrency exchange Coinbase on April 14.
Excited, Contessoto wrote on Reddit: “Hey guys, I just became a Dogecoin millionaire,” along with a screenshot of his Dogecoin holdings on Robinhood with a balance of over $1 million at the age of 33. Immediately, Contessoto's post went viral.
Instead of selling to make a profit, he decided to keep all of it because he believed that the price of Dogecoin would continue to rise. However, this was a decision that earned Contessoto a lot of criticism when the market collapsed. Many people who followed Contessoto's investment journey blamed him for encouraging them to invest and suffer heavy losses.
“There were a lot of people buying for me. When everything went down, Dogecoin crashed again and I lost a lot of money, a lot of people turned their backs on me,” Contessoto said.
When Dogecoin hit its lowest point, at $0.055, Contessoto was ready to give up, but decided to do the opposite: buy another 1.3 million Dogecoins for around $71,500. “Every day I get messages on social media, blaming me for losing their money. But I always believed Dogecoin would come back, and now it has,” Glauber said.
Fortunately, Contessoto’s hopes finally came true as Dogecoin recorded a strong recovery this month; currently trading around $0.30. The victory of Donald Trump - a strong supporter of cryptocurrencies - has made the crypto market explode more than ever.
“Everything I said would happen is happening. It feels great to be back with this title. Although it can’t compare to the first time becoming a millionaire from nothing, this time feels like a very memorable sequel,” Contessoto said of once again achieving the millionaire title thanks to Dogecoin.
Known as an ordinary worker, Contessoto has become an influencer in the cryptocurrency world. He currently owns a Youtube channel with 115,000 subscribers and more than 350,000 followers on Twitter. These numbers have helped him earn many lucrative sponsorship contracts.
Theo: CNBC
Information about cryptocurrency, commonly known as "virtual currency", is not legally recognized in Vietnam. The information in this article is for reference only and does not constitute investment advice.
