Dogecoin Went Wild in 2021. Here’s What It Taught Us.
Dogecoin, Misplaced and Discovered
Richard Lenz, a 31-year-old undertaking supervisor for a hazardous waste elimination firm in North Ridgeville, Ohio, purchased his Dogecoin in March 2014, after a subreddit for NASCAR followers banded collectively to sponsor the driving force Josh Clever utilizing cryptocurrency. (Mr. Clever ended up racing in a Doge-wrapped automobile.)
“Inside a 12 months I used to be carried out,” he mentioned. “This was like, actually, only a joke.”
Then, a pair months in the past, Mr. Lenz began seeing headlines about Dogecoin’s value surging. He additionally began getting nervous: He knew he’d saved his cash on his outdated pc’s exhausting drive, however he wasn’t positive the place that drive was.
“I began in search of it a month, two months in the past, and couldn’t discover it,” he mentioned. Someplace, he had $10,000 price of Dogecoin, then $40,000. “My father was type of upset,” he mentioned, a sense that intensified as the value climbed.
Mr. Lenz resigned himself to the truth that his cash have been gone. “If God wished me to have the cash, I might have had the cash,” he mentioned. Then, on Might 7, the day earlier than Elon Musk was slated to host “Saturday Evening Reside,” he discovered the drive and bought his cash instantly, for round $70,000. (After “S.N.L.,” the place Mr. Musk joked concerning the foreign money, the value tumbled.)
Mr. Lenz gave a bit of the cash to his mother and father and plans to assist pay for his sister’s wedding ceremony. As for the remainder? “I’m not kidding you after I say I YOLOed it,” he mentioned, on shares of the hedge fund supervisor Invoice Ackman’s SPAC, Pershing Sq. Tontine Holdings.
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