- 38-year-old Eric Hackney put $500 right into a cryptocurrency known as Australian Protected Shepherd, which is extra generally generally known as ASS coin, Bloomberg reported.
- He now owns 20 billion models of the altcoin.
- Hackney invested in ASS coin after dropping cash on GameStop and lacking out on beneficial properties in dogecoin, each social media favorites.
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One millennial investor vowed to “by no means once more” miss out on beneficial properties from hyped-up cryptocurrencies. One $500 funding later, he is now the proud proprietor of 20 billion models of Australian Protected Shepherd, often known as ASS coin, Bloomberg reported.
Within the article, titled “$ASS Coin Billionaire: Tales From the Fringe of the Crypto Craze,” Bloomberg reporters detailed the wild journey of 38-year-old Eric Hackney, who opted to play the monetary markets on the Robinhood app after dropping his job in the course of the COVID-19 pandemic, as an alternative of labor for $9 an hour.
The article described him as a “thrill-seeking beginner, goaded on by social media.” Social media platforms have turn into a key a part of the boom in retail trading, as a latest survey confirmed one in five investors has used Reddit to assist them make an funding resolution.
Hackney, a former bar tender from Tampa, Florida, stated he was a part of the GameStop craze earlier this 12 months during which a military of Reddit retail merchants precipitated the inventory to skyrocket, squeezing quick sellers. As for his funding within the inventory, he instructed Bloomberg he “was up after which, in a blink, he wasn’t.”
He invested in dogecoin, at one level, too. Dogecoin, which twisted and turned this previous week amid broader market volatility, began as a social media joke a few widespread meme and has since become a well known altcoin.
In January, Hackney purchased dogecoin at 4 cents, and the forex instantly doubled. However he could not stand the wild value swings and bought his place, solely to see it rocket to 70 cents earlier this month.
At that time, he vowed to by no means let that occur to him once more, Bloomberg wrote. That is when he put $500 into ASS coin.
Altcoins have taken maintain of retail buyers lately. As an alternative of the well-known bitcoin, many are investing in alternate options like dogecoin, litecoin, and safemoon, amongst others.
Earlier this week, Barstool sports activities founder Dave Portnoy, calling the alternate options “sh*tcoins,” invested $40,000 in Safemoon, which launched in March.
Cryptocurrency linked-stocks plummeted this week amid large sell-offs in bitcoin and ethereum. Analysts have warned against investing in different cryptocurrencies, although, saying the social-media pushed cash are unregulated and extremely risky.