This guy likes to invest in Dogecoin, a cryptocurrency that has recently become very popular. It used to be rich as it is now, the price of Dogecoin has plummeted. However, he says that he is not afraid.
Glauber Contessoto from the United States, invested USD 250 thousand into Dogecoin on February 5 because he was confident of getting a big return in the future. His prediction was correct, on April 15 he became a millionaire in US dollars after the surge in the price of Digecoin.
However, at this time, the price of cryptocurrencies decreased simultaneously, including Dogecoin, following the mining raid in China. Glauber also suffered little loss in connection with this development.
The value of Glauber's Dogecoin was cut by USD 167 thousand. Having broken through USD 1 million, now his Dogecoin portfolio is only worth around USD 831 thousand. "But yesterday I became a millionaire," he said.
Dogecoin, which was initially just a joke some time ago, became a hit, and even Glaueber's investment in early May touched the figure of USD 2 million. The value of Dogecoin then goes up and down. But Glauber remains adamant that he won't sell it for long-term investment.
Actually he still bought some Dogecoin. Indeed, investing in cryptocurrencies is considered risky because of their price volatility. Especially if the choice is Dogecoin because it is considered less convincing than Bitcoin for example.
"I spent all my savings on this. Whatever happens in the short term is meaningless because I want to have Dogecoin for years to come. I'm really not worried," he said.
"People panic in the short term and don't have the patience to see the investment continue," he added. Therefore, he remains confident that the Dogecoin investment will be successful in the future.
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BUSINESS & MONEY