Glauber Contessoto, 33, put all of his funds into dogecoin, a meme-inspired cryptocurrency that has seen a significant increase in value this year. He claims to have become a dogecoin millionaire on paper two months later, in April.
Now, Contessoto tells CNBC Make It that he intends to go “all in” on another cryptocurrency. His next pick is the Cardano blockchain and its altcoin ADA, which debuted in 2017 and recently surpassed bitcoin and ether as the third-largest cryptocurrency by market capitalization.
“I’m going to start buying up as much Cardano as humanly possible with every piece of money I start making from now on,” he adds, adding that he has no plans to sell his dogecoin.
Contessoto says he’ll wait for a drop in the price of ADA before investing, much like he did with dogecoin.
Many financial professionals, especially in the crypto realm, would advise against going all-in on a single investment. In general, cryptocurrency is a dangerous investment, and experts suggest altcoins are much worse.
Meltem Demirors, CoinShares’ chief strategy officer, recently told CNBC Make It, “Risk may be quantified in a variety of ways.” However, “many of these assets are significantly riskier than bitcoin and ethereum.”
Regardless of how cautious you are, you could lose your entire investment.
Contessoto, on the other hand, remains positive on both dogecoin and Cardano.
Contessoto sees Cardano as the “next best bet” because he didn’t buy ether, the money native to the Ethereum platform, early on. Since its creator, Charles Hoskinson, is also a co-founder of Ethereum, supporters of Cardano, such as Contessoto, consider it as a competitor to Ethereum.