GZV #42: The Only Investment Case For Dogecoin
Hey everybody-
Sorry for the delay in last weeks newsletter and the abbreviated format of this one.
I’ve had final exams for the past two weeks and have been very busy.
Next week we will return to normally scheduled programing.
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Quick Announcement:
I am excited to announce that I will be spending my upcoming summer with CommonStock. I believe there is no better time to start a social investing platform than now and am excited to help them build something amazing. Check them out here.
The only reason to Invest in DogeCoin and other “shit”coins.
I want to make it CLEAR, I do not think these coins are sound investments, but when I see opportunities to make money, however risky, I feel obligated to share.
I know, you may be questioning unsubscribing because this is a stupid movement that is happening. Dogecoin is a joke and has no actual use behind it, and the only reason it is up is because these high schoolers and meme traders like to pump it.
I 100% agree with you. BUT I also believe having some exposure to these coins are healthy. Not a lot of money, maybe just $50 or $100, something that is comfortable to lose.
Here is why; these coins can have absolutely explosive growth. I know many people who have just put in a few bucks and three months later can now put a small downpayment on a house. The monetary creation can be crazy, and if these meme traders and Tik Tok “analysts” get behind it, the coin can easily pump.
Prime example is a coin called SAFEMOON. In March, these meme traders on tik tok started to back it. I personally know someone who put $50 in at the end of March. That $50 is now worth upwards of $15,000. It is absolutely idiotically crazy.
I know it sounds crazy to endorse making trades like this, but I like to view it as gambling. Imagine you’re going to the casino with $200 and play roulette for an hour. Instead of doing that, invest in 4 different alt coins. If Reddit traders and retail traders get behind it, they may return more than an early stage investment in a startup.
Let me remind you, by no means do I think you should empty your savings or pull money from your 401k in these coins. In my mind though, if people are making stupid amounts of money making these bets, why not throw a little money at it?
In terms of sound crypto investments, I am very bullish on BTC and ETH. I do have a tiny bit of cash in Dogecoin and Safemoon, but this is strictly a gambling bet.
Cheers.
Tom.