Betting It All on Dogecoin - Meet Crypto's Newest Millionaire

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At less than a penny, Dogecoin looked like a no-lose bet to Glauber Contessoto, despite the fact that the meme cryptocurrency literally created as a joke was in the periphery behind other well-known digital tokens like Bitcoin and Ether - and despite the fact that few were stepping up to drive Doge higher. 

The risky bet paid off.

After looking at Dogecoin's progress or lack thereof since its creation in 2013 and looking at the trajectories of Bitcoin and other cryptocurrencies and assets, 33-year-old Contessoto decided to do what most would deem unthinkable: sink $250,000 of his life savings into essentially nothing.

"I see Bitcoin as the gold standard, so I needed a dollar standard or a cash standard, and to me that was Dogecoin," Contessoto told TheStreet's Corey Goldman. "To me, memes are the language of the millennials and in the future, we'll be buying and selling things with memes."

The third and final catalyst for sinking all his real cash into Dogecoin: Tesla  (TSLA) - Get Tesla Inc Report co-founder, CEO, and techno-slash-crypto king Elon Musk, who has hyped up the digital token on Twitter and on live television and even ran a poll about whether Tesla should accept Dogecoin as payment.

To be sure, Contessoto isn't cashing in his proverbial virtual chips just yet - he's letting it ride. Watch the full interview above to hear more about why @ProTheDoge still believes in Dogecoin, and what it will take for him to cash out.

What's the Deal With Dogecoin? A History of the Meme-Inspired Cryptocurrency

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