‘I just became a dogecoin millionaire’: This 33-year-old invested his savings in the meme cryptocurrency with inspiration from Elon Musk
“I was up all night staring at my screen,” Contessoto, 33, tells CNBC
And like many holders of dogecoin, “a reason why I put my savings into dogecoin is Elon Musk,” who has repeatedly tweeted about the cryptocurrency.
Above all, Contessoto is very bullish on dogecoin’s growth, and thought that it could help him build “generational wealth” to pass on to his future family. “I grew up really poor,” he says, “so this is a huge deal for me.”
Contessoto (who works at a music company in Los Angeles)
says he didn’t have disposable income to buy dogecoin, so he took a huge risk. Contessoto not only used all his savings, but he also sold all the stock he owned, including shares of Tesla and Uber, and invested on margin by borrowing money from Robinhood via the app, he says.
“My plan is, once I hit $10 million, then I’ll take out 10%,” he says. In his opinion, “this stuff is going to continue to grow.”
