Monday, April 11, 2022

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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. Tommy and James rolled the The Real Shortage We Have In This Country Is Not Wood Chicken Or Gasoline Shirt and I will buy this dice on an odd cryptocurrency. They became millionaires. 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

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