This is the tragic tale of the Bitcoin Millionaire.

The 33-year-old former Dogecoin millionaire said he had no plans to cash in on his seven-figure stake — and expected the cryptocurrency to keep soaring.

The former millionaire formally known as Contessoto poured his life savings into Dogecoin, taking a big risk that he could either lose it all or turn a profit from the meme cryptocurrency. 
According to a profile in the New York Times 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. Essentially he acted like a rookie by taking every unimaginable risk possible.

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 expected Dogecoin’s price to keep rising. He felt that Selling too early would risk missing out on future profit, although he did plan to sell 10% of his stake in 2022 when his earnings would be classified as long-term
capital gains and taxed at a lower rate. 

Alas his dreams did not materialise as Doge coin has done nothing but plummet ever since.

DISCLAIMER: Please be advised that nothing in this video shall be construed to be financial, legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor. All personal opinion is intended for general information purposes only.

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Lesson learned or not? Doge coin Millionaire could have cashed out at $2.6 Million and pay taxes but he chose to hold and is sitting sad at $500 K albeit paying lower taxes. By the way should he drop the title since he is no longer a Millionaire?

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