The two New York brothers, whose wedding video company was nearly destroyed by a pandemic, became millionaires after investing $ 7,900 in a cryptocurrency originally set up as a joke.
The brothers who wanted to be known only as Tommy (38) and James (42) CNN, After a friend said they recommended investing, they started working on cryptocurrencies in December 2020.
The brothers have invested hundreds of dollars in a cryptocurrency called the Shiba Inu coin. This is a parody spin-off of another cryptocurrency called Dogecoin, named after the Japanese hound breed. The Dogecoin itself was created as a joke by two friends and features a Shiba Inu dog face.
An image of a gold Dogecoin that initially started as a joke, but then soared in value
Musk hosted SNL on May 8 and joked about the cryptocurrency being a “hustle”-putting its value in the tank
When Tommy and James were offered to invest, a coin was worth a fraction of a cent.
“I thought a bit about Bitcoin-it used to be just a small part of a penny, but now it’s tens of thousands of dollars, and this happens to people, it’s possible,” Tommy said.
“I trusted my friend and wondered if it would be zero, it’s ok. I thought it was a lottery with no expiration date.”
They also brought their relatives.
“My mother and sister were skeptical, but they also invested $ 100 each,” Tommy told CNN.
“A few weeks after it rose about 300 percent, they put another $ 100 into each, and then it continued to rise.”
In total, the group has invested nearly $ 8,000.
While filming the wedding in mid-April, their investment reached $ 100,000 and continued to rise.
“When I woke up the next morning, it doubled. We said,” What a hell. “
“Then it went up to $ 700,000, and I told my brother that it would reach a million. I kept refreshing my phone.”
Dogecoin with a picture of a Shiba Inu-Japanese hound
The next day, his prophecy came true.
“The day it reached a million-my mother and sister, they didn’t think it was real.”
CNN Business has confirmed that the family’s initial investment of $ 7,900 is worth nearly $ 9 million as of Thursday.
The brothers have not yet fully cashed their investment and are refraining from launching ShibaSwap, a decentralized exchange platform.
“This happened so quickly that it’s hard to even understand what you can do with this money,” Tommy said.
“My parents need a new roof, so I’m grateful for it.”
The brothers were overwhelmed by their success, but James warned others that it was a very dangerous gambling.
“Don’t put in the money you don’t want to lose,” he said.
“Meme tokens are very risky and we really don’t know what will happen with them. We know that turf has changed our lives, but this is not something that usually happens.
“When you see it fluctuate so much, it wakes you up at night.”
Cryptocurrencies exploded in popularity in 2021. This is due to the voice support of businessmen such as Elon Musk who helped Dogecoin and celebrities such as Backstreet Boys’ Star Nick Carter who frequently tweeted the hashtags #Shiba and #ShibArmy.
Nick Carter of the Backstreet Boys is one of the celebrities investing in Shiba Inu.
Antonio Brown of the New England Patriots is another crypto enthusiast
Earlier this week, Vitalik Buterin, co-founder of Ethereum, the second largest cryptocurrency after Bitcoin, got a lot of attention by donating $ 1 billion worth of turf coins to India’s COVID-19 Relief Fund.
“As a cryptocurrency enthusiast and investor, it was very exciting to see the announcement of SHIB and Ethereum creator Vitalik Buterin’s donation to India,” Carter told CNN Business in a statement.
“I believe crypto has an incredible future-especially knowing how it can be used for good and, more importantly, to save lives. I will. “
NFL star Antonio Brown tweeted to his one million followers on Wednesday that he also invested in the cryptocurrency.
“The turf business is booming and cryptocurrencies are the way to go,” Brown told CNN business Thursday.
“It’s a new investment method.”
Cryptocurrencies were once considered all jokes, but they are becoming more and more accepted.
Companies such as Microsoft, Sotheby’s and Pizza Hut are all embracing Bitcoin, the most popular and widely available cryptocurrency.
In March, cryptocurrencies hit a record high and prices surged to $ 60,000.
Due to the widespread volatility of Bitcoin, many investors, including Warren Buffett, have criticized Bitcoin and other cryptocurrencies as “dangerous” and “worthless.”
However, on Wednesday, Musk, who defended cryptocurrencies, “suspended the purchase of vehicles using Bitcoin” because Tesla was concerned about “a rapid increase in the use of fossil fuels for Bitcoin mining.” Was announced on Twitter.
In the first few minutes after the announcement of the mask, Bitcoin prices fell by about 5%.
Westchester’s two brothers became millionaires overnight after purchasing the parody cryptocurrency Shiba Inu
Source link Westchester’s two brothers became millionaires overnight after purchasing the parody cryptocurrency Shiba Inu