Dogecoin jumped 500% since 2 months ago when I bought it. My reaction and my plans going forward. Will I sell or will I keep them forever?
How’s it going everybody this is beat the bush i didn’t plan to make this video but because dog coin has done such drastic moves lately over 500 percent since i purchased it two months ago i needed to make a video and talk a little bit about it by the way if you guys are interested in buying dog coin there’s not many exchanges that will allow you to buy it but
One of the most easy way and one of the most hated ways is through robin hood this is where i bought my dog coin because i am not going to take it out i plan to sell it within the platform itself when i am done with it and cash out as we are speaking dog coin is at 36 cents a piece my average buy-in price is around 5.7 so you know a good amount of gains here if
You look at my total portfolio within robinhood it is actually 100 dog coin some people have said well how come you don’t invest in some other better coin it does something but dog coin you know it’s just a copycat it’s just a meme coin it’s just a joke basically and this is what i think of all of this it’s basically all joke i look at this money here 335 000
I put about 60 000 in here 53 000 of it is invested into dog coin and total so far is 459 percent gains have 275 000 now this is enough for my tesla roadster it’s even enough for the founders edition which is 300 250 000 now i’m not going to stop here because it’s not going to fully pay for it i still have to pay taxes by the way if you’re going to pay taxes if
You sell this in less than one year you’re going to have to pay capital gains taxes at the rate of your income taxes which can go up to 37 marginal tax rate if you earn over you know i think it’s like 400 some thousand dollars the marginal tax rate is going to be 37 and then you have to pay state taxes because i’m in california if you figure this out if you sell
About a million dollars a dog coin you’re going to end up paying about 450 000 so yeah it’s really good if you can at least wait for one year before you sell it because then the tax rate is going to drop dramatically i think to about 17 or so effective tax rate if you sell at about a million dollars this is rough numbers here don’t quote me here but you see
You know 45 versus 17. so this is a dramatic difference here um and this is the time to worry about taxes if you know if dog coin ever holds this value now i’m fully aware that this is probably celebrating too early because you know the next hour it could drop from this 36 cents all the way down to five cents again you know this has happened with bitcoin when
I sold out of bitcoin at 17 500 it went all the way to uh 20 000 and then it dropped all the way down to 3500 over the course of maybe six months or so so you can look at this dropping a good 80 percent or so this has happened before and it can happen here with dog coin and when people buying into this right now it’s a very dangerous thing unless you bought it
Early on for like a penny each then you know you might have the will to be able to hold on to this because you can just go hey you know i didn’t really make that money anyway it’s just kind of paper money so just go up and down so it’s easier for a person to hold on to it on these wild up and down swings if you got in early it’s much harder if you put in your
Hard-earned money you know hundred thousand two hundred thousand dollars that you worked over a course of like 10 years and then you see it do these wild swings you know up down down 100 000 and then you start thinking oh my gosh i just lost a hundred thousand dollars it took me like five years to save this much if you use your life savings and put it into dog
Coin this is not a good idea at all you are more prone to get scared and sell off when there is a downturn and so it’s much harder for a person fully invested in this putting their entire network or putting their entire amount of liquid assets into this to be able to hold on long term and this is what you need to do because now my thinking with dog coin is you
Know i initially thought it’s gonna reach one dollar in three to five years and gosh this is crazy that it’s already went a third of the way within two months now when i thought about three years i’m like you know usually i overestimate these things i usually it usually happens much quicker because it’s cryptocurrency so i was thinking maybe maybe i have to
Wait one year you know like compensating for the fact that i i overestimate things overestimate the time frame but i think it’s a good mentality to have thinking that i’m gonna hold that long because then i can just kind of weather all the fluctuations to address some things about this coin being infinitely printable like they can produce as many coins as they
Want yes this is true they’re gonna print what five billion coins every single year so it’s going gonna inflate by what five percent and every single year after this is going to inflate a little bit more how is this different from fiat currency the government keeps on printing just as much money or much more than this so the argument with having a cryptocurrency
That inflates itself is that people are not gonna hoard it like bitcoin if you keep a bitcoin it’s rare there’s only what 20 some million of it and they’re not going to print any more than this cap value the argument for dog coin being inflationatory is that it’s the only cryptocurrency that does this so it’s special in that way so because it’s special in that
Way maybe all the other cryptocurrencies got it wrong all the other people on the other cryptocurrencies is actually hoarding them which is not something you want to do if you want to be a currency that is going to be used if it’s going to be used you want people to buy into it and not hold it you want people to actually use it so if you know that your currency
Is going to get devalued a little bit every single year well you’re naturally going to take money out and invest it in other things like the stock market therefore because it’s inflationatory then it might just be the next cryptocurrency the people’s cryptocurrency that people are actually gonna use if you look at today’s market with all the other cryptocurrencies
Go on coinbase look at all the other cryptocurrencies they’re actually going down it seems like people are selling other cryptocurrencies to buy into dog coin buying into the hype i’m at a crossroads here because i think about the one dollar mark and my initial um thinking is that i really need to sell at the one dollar mark because you know if it reaches at that
Point that’s my goal of reaching one million dollars subtract 170 000 for taxes after one year i’ll still be able to buy a roadster i’ll still have be able to fund i don’t know a whole bunch of money uh probably about 400 000 dollars into my retirement fund so i can live off of it or whatnot but now maybe i’m getting a little greedy or something i’m starting
To think that it might actually grow more and more into a um cryptocurrency of choice a cryptocurrency that people are actually gonna use and if this is the case it might actually be a good thing to keep on holding on to it just you know kind of like forever you know it’s gonna be the currency of the people the currency of you know of mars if you go to mars
You’re gonna use dog coin and one more thing i’ve been watching youtube and you really have to watch this song about cryptocurrency if you just search dog coin songs i’m gonna leave the link down in the video description below it’s the dog coin song to the moon it’s really really catchy it goes what is the only cryptocurrency that you should invest and so on and
So forth i’m not gonna repeat it because you know i might get demonetized and the other thing that you have to watch because elon musk is behind it you gotta watch the one from tmz it’s elon musk says dog coin could be the future of cryptocurrency and he talks about the dog coin because the reporter asked about it and you can see he’s really invested in this or
Very interested in dog coin i mean elon musk is and he basically was signing autographs and he just stops all signing he’s like what what you talk about dog coin and then he starts talking about it to the reporter and he says all these things that has been repeated in all these memes in the dog coin song like his famous catchphrase fate loves irony and i just
Feel like this is silly dog coin going to the moon it’s silly and it’s the most entertaining thing that can happen especially if you’re invested in it or if you’re not invested in it it’s just kind of funny right a cryptocurrency that has been invented as a joke that was created within a few hours and just you know it just let loose out on the people and people
Just start piling in it’s like the sixth or fifth largest cryptocurrency now it just jumped enormous amounts and who knows when it’s going to stop thanks for watching this video right now from a 53 000 investment seven thousand dollars not purchased in dog coin anything from a 53 000 investment i turned it a profit of 273 000 so the total portfolio over here is
332 000 thanks for watching this video don’t forget to like and subscribe for more you
Transcribed from video
Why Dogecoin will Reach $1.00 By BeatTheBush
