Two brothers who lost their business due to the pandemic have become millionaires thanks to cryptocurrency.
Tommy and James, who have asked to not share their surnames, woke up one morning last month to discover that they’d become millionaires overnight.
The New York-based pair had previously owned a wedding video business together, but with COVID halting many people’s weddings, the brothers ended up losing their business.
In the wake of this, Tommy, 38, and James, 42, invested nearly $8,000 along with their mother and sister on the newly created Shiba Inu coin – a spin off from the growingly popular Dogecoin – after a friend recommended they do so.
At the time of their investment in February, the coin was worth a fraction of a cent, CNN reports, but their friend, who happens to be a cryptocurrency expert, was confident it would go on to make them a lot of money.
Tommy said to CNN, ‘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. 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.’
Fortunately for them, their friend was right and two months later the cryptocurrency market exploded. At one point, their investment was worth $100,000 and soon increased seven-fold.
The two brothers were then confident it would hit the million dollar mark, and the next day it did just that.
The family’s inital stake was $7,900 and, as of Thursday, May 13, it was worth a staggering $9 million – a value that was confirmed by CNN Business.
While Tommy, James and their family got lucky, some experts have warned people to be wary of Shiba Inu. Antony Portno, Founder of Traders of Crypto, described the digital coin as ‘one of many new coins to try to take advantage of the Dogecoin hype’.