SHIB Shiba Inu – coin investment turned New York brothers into multimillionaires a few months after they bet $8,000
New York (CNN)On the morning of April 17, two brothers in Westchester, New York, woke up to learn that they had become millionaires overnight, thanks to an unlikely wager on a cryptocurrency that was originally created as a joke.
Tommy, 38, and James, 42, who have asked CNN not to publish their last names to protect their anonymity, had put a few hundred bucks into an odd digital asset called shiba inu coin — a spinoff of dogecoin, so basically a parody of a parody. One coin was worth a fraction of a cent, but a friend, who happened to be a crypto expert, told them he believed it could be a big moneymaker.
“I kind of thought about bitcoin — that was once a fraction of a penny and now it’s tens of thousands of dollars, and this happens to people, it’s possible,” Tommy said. “I trusted my friend and I figured if it went to zero, that’s OK. I thought of it as a lotto ticket that wouldn’t expire.”
Less than two months after their initial investment in late February, their lives changed. It was their dad’s birthday, and instead of giving him a card, they made him a millionaire.
Valuations on cryptocurrencies have exploded in 2021. After years of being either ignored or sneered at by Wall Street, cryptos — including established players like bitcoin and lesser-known “altcoins”— are enjoying unprecedented investor interest. Bitcoin is up nearly 70% since January, and dogecoin, which was started as a joke and is still worth less than a dollar, is up more than 11,000%, according to Coindesk.
But cryptocurrencies are also extremely risky, unregulated investments. Prices are known to swing wildly. And digital currencies bring other unique kinds of risk, such as the potential for a hacked server, a deleted file or a lost password that could leave investors locked out of their funds forever.
James and Tommy rolled the dice, each initially investing $200. They also presented the idea to their mom, dad, sister and a few other family members.
“My mother and sister were skeptical but they each put in $100, too,” Tommy said. “After a few weeks when it was up about 300% they put another $100 in each, and then it kept going up.”
In total, the group put in nearly $8,000.
‘Oh my God’
Prior to the pandemic, the brothers’ primary income came from filming weddings, but the Covid-19 outbreak nearly shuttered their business. Rather than booking 30-40 weddings that year, James said, they did no more than eight.
“We kind of fell through the cracks,” Tommy said. “The government stimulus checks weren’t enough to sustain us. I’m a positive person but it was really tough, and not knowing the future was kind of scary.”
As their shiba coin investment took off, it was hard to believe the change in their fortune. While filming a wedding in mid-April, they kept half an eye on their investment, which had quickly shot up to $100,000. And it kept climbing.
“We woke up the next morning and it doubled. We were like, ‘Oh my god,'” Tommy said.
“Then it went up to $700,000 and I told my brother it’s going to hit a million. I kept refreshing my phone.”
The next day, it happened.
“The day it hit a million — my mom and sister, they didn’t think it was real.”
The family’s initial stake of $7,900? It’s now worth nearly $9 million as of Thursday. CNN Business confirmed the value via their coin wallet and transaction history.
DIRECT LINK: https://www.businessinsider.in/cryptocurrency/news/shiba-inu-coin-investment-turned-new-york-brothers-into-multimillionaires-a-few-months-after-they-bet-8000-on-the-parody-cryptocurrency-reports-say/articleshow/82657572.cms#:~:text=A%20New%20York%20family%27s%20investment,with%20India%27s%20COVID%2D19%20relief.
SHIBA INU – PAYS