He’s a Dogecoin Millionaire. And He’s Not Selling.
May 14, 2021 5:39 PM Subscribe
Glauber Contessoto went looking for something that could change his fortunes overnight. He found it in a joke cryptocurrency. What explains Dogecoin’s durability, then? There’s no doubt that Dogecoin mania, like GameStop mania before it, is at least partly attributable to some combination of pandemic-era boredom and the eternal appeal of get-rich-quick schemes. But there may be more structural forces at work. Over the past few years, soaring housing costs, record student loan debt and historically low interest rates have made it harder for some young people to imagine achieving financial stability by slowly working their way up the career ladder and saving money paycheck by paycheck, the way their parents did. Instead of ladders, these people are looking for trampolines — risky, volatile investments that could either result in a life-changing windfall or send them right back to where they started.
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