By Larry Wright
Glauber Contessoto is YouTuber with a million-dollar bank account. CNBC recently featured him in a news article about Dogecoin. The millennial has become a millionaire thanks to his investment in the meme cryptocurrency. The CNBC journalists shared his story as a way of inspiration for other of the same generation. The said millionaire status has been granted to Contessoto for his crypto investment only.
The article also claims that despite making huge gains, Contessoto also lost a major chunk of his investment when the price of the satirical cryptocurrency was corrected. The article also reveals that Dogecoin helps the 33-year-old to resign from his job and move out of the vicious 9 to 5 cycle. It is claimed that these days the YouTuber is trying to buy more from the dip.
Pros and Cons of Investing in Cryptocurrencies
A few months ago, when Tesla CEO Elon Musk tweeted about Dogecoin, the price movement for the joke coin took a turn for the better. It should be noted that Dogecoin was created as a mockery towards the ongoing cryptocurrency revolution. However, Musk decided to turn the joke into irony and promote Dogecoin to that end. In a matter of few months, the Dogecoin price increased, and it eventually reached $0.73 in May.
Contessoto, who used to work for a music company, heard about the upcoming DOGE wave and left his job to focus on investing full time. He told CNBC reporters that he invested about $250,000 in DOGE in February. From that point, Dogecoin’s price started to pick up, and his investment turned into $1 million by April. This signifies a 75% inflation of his initial investment.
However, at the ATH of all time in May, when DOGE reached $0.73, the $1 million were doubled down and become $2 million. This transition took just one month to happen. Nevertheless, since cryptocurrencies are not magical money-making pots, some volatility is still attached to the meme-coin. Likewise, when the price of the Dogecoin plummeted, he lost $167,000 within 24 hours.
Before, Contessoto was a full-time crypto investor he was working in Los Angeles. When the idea about growing his brand as a Dogecoin millionaire came to his mind, he left his old life behind and decided to promote his YouTube channel full time. He told the media that he is also working as a promotional consultant for different blockchain projects.
He is due to get paid $25,000 and $28,000 in Dogecoin from the paid promotion work. The consultation fees Contessoto is making are many times more than his salary from the old job. He told the media that a huge amount has already been paid, and the remaining will soon be cleared. He aims to keep accumulating Dogecoin despite the current market crash.