A 33-year-old Dogecoin millionaire says he has no plans to cash in his seven-figure stake – and expects the cryptocurrency to keep soaring

A 33-year-old Dogecoin millionaire says he has no plans to cash in his seven-figure stake – and expects the cryptocurrency to keep soaring

Glauber Contessoto of Los Angeles decided three months ago to pour his life savings into Dogecoin, taking a big risk that he could either lose it all or turn it a profit from the meme cryptocurrency. According to a profile in the published Friday, he maxed out his credit cards, borrowed money using a margin trading feature on the Robinhood app, invested about $250,000, and didn't heed warnings from friends that the "joke coin" could crash. The value of his Dogecoin holdings eventually swelled to $2 million. Contessoto, who works at a hip-hop media company and drives what the Times described as a beat-up Toyota, has yet to cash out on his gains and expects Dogecoin's price to keep rising. Selling too early would risk missing out on future profit, he said, although he does plan to sell 10% of its stake in 2022 when his earnings will be classified as long-term capital gains and taxed at a lower rate. "I'm bullish as they come in the Dogecoin community," he told the Times. "If this exceeded my expectations of Dogecoin, and I only hit it in two months, imagine where it'll be in a year." Dogecoin last week hit an