Dogecoin Investor becomes a Millionaire in just 69 days after investing

Dogecoin's newfound fame can be partially credited to the owner of SpaceX and Tesla, Elon Musk, who has been promoting the cryptocurrency extensively on his Twitter profile. The South African billionaire had even claimed a while ago that he bought some DOGE tokens for his son X Æ A-12 so that he can "be a toddler hodler". However, inspired by Musk, many investors bought Dogecoin and there are numerous stories of people earning incredible profits. Similarly, a 33-year-old Los Angeles resident has claimed that he became a Dogecoin millionaire in “just 69 days”. Glauber Contessoto invested $180,000 (Rs. 1.3 crores approximately) on February 5 and that investment itself helped him become a millionaire.

Dogecoin millionaire story

Glauber Contessoto posted a YouTube video claiming that he became a Dogecoin millionaire after he invested $180,000 (Rs. 1.3 crores approximately) on February 5. In about 69 days, the Los Angeles resident said, his initial investment had grown to almost $2 million (Rs. 15 crores approximately). When he was investing in this cryptocurrency the Dogecoin price was about $0.045 cent (Rs. 3 approximately) but in 69 days the price went up to $0.45 (Rs. 34 approximately).

Glauber Contessoto put out a video on YouTube in which he explained why he decided to invest in Dogecoin. Contessoto said he was inspired by Tesla CEO Elon Musk to put his money into Dogecoin. And, despite being from a middle-class family, the 33-year-old investor decided to invest in the digital asset by using up all his savings. He also claims that he sold all the stocks he owned, including Tesla and Uber to invest in Dogecoin.

Is cryptocurrency legal in India?

The Supreme Court of India has legitimized the usage of cryptocurrency across the country last year. The apex court observed that the existence of Bitcoin or any cryptocurrency is unregulated, but not illegal. This has relieved cryptocurrency traders to some extent. Now, India as a market is as vast as China, and this ruling has supported the world of digital money extensively. So, in simple words, investing in cryptocurrency is completely legal and you can do so through various apps and traders in the market.

Nevertheless, before investing an individual must keep an eye on government policies as the Central government is planning for a nationwide Bitcoin Ban. But, there is good news as well, the recent updates from the parliament suggest that the government is trying to make its own cryptocurrency that can be regulated, according to a legislative agenda listed by the government in January 2021.

Disclaimer: The above information is sourced from various websites/ media reports. The website does not guarantee a 100% accuracy of the figures

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