“I kind of thought of bitcoin – it used to be a fraction of a dime and now it’s tens of thousands of dollars, and it happens to people, it’s possible,” Tommy said. “I trusted my friend and told myself if he was at zero it was okay. I thought of it as a lotto ticket that wouldn’t expire.
Less than two months after their initial investment at the end of February, their lives have changed. It was their father’s birthday, and instead of giving him a card, they made him a millionaire.
James and Tommy rolled the dice, each initially investing $ 200. They also introduced the idea to their mother, father, sister, and a few other family members.
“My mom and sister were skeptical, but they also put in $ 100 each,” Tommy said. “After a few weeks, when it was around 300%, they put an extra $ 100 in each and then they kept going up.”
In total, the group has invested nearly $ 8,000.
‘Oh my God’
Before the pandemic, the brothers’ main income came from filming weddings, but the Covid-19 outbreak nearly shut down their business. Rather than book 30 to 40 weddings that year, James said, they didn’t do more than eight.
“We fell through the cracks,” Tommy said. “The government stimulus checks weren’t enough to support us. I’m a positive person but it was really tough, and not knowing the future was pretty scary.”
As their investment in shiba coins took off, it was hard to believe the change in their fortunes. While filming a wedding in mid-April, they kept tabs on their investment, which had quickly climbed to $ 100,000. And he kept climbing.
“We woke up the next morning and it doubled. We were like, ‘Oh my God,’” Tommy said.
“Then it went up to $ 700,000 and I told my brother it was going to be a million. I continued to refresh my phone. ”
The next day it happened.
“The day it hit a million – my mom and sister, they didn’t think it was real.”
The family’s initial participation of $ 7,900? He is now worth nearly $ 9 million on Thursday. CNN Business confirmed the value through its coin portfolio and transaction history.
What is the shiba coin?
Shiba inu was created less than a year ago – an obvious spinoff from the dogecoin, which features a Shiba Inu dog as a mascot. Maybe it was a joke or a joke, but not many people are laughing now.
The crypto, known informally as memecoin or altcoin, has also gained a handful of celebrity contributors, from former boy band stars to NFL pros.
“As a cryptocurrency enthusiast and investor, seeing the announcement of SHIB and Ethereum creator Vitalik Buterin’s donation to India was very exciting,” Carter told CNN Business in a statement. “I believe there is an incredible future for Crypto – especially knowing how it can be used for good and, more importantly, to save lives.”
“Shiba’s business is booming and crypto is the way to go,” Brown told CNN Business on Thursday. “It’s a new way to invest.”
There are thousands of cryptocurrencies, and bitcoin and ethereum make up almost two-thirds of the entire global $ 2.3 trillion crypto market. And while they can be quite profitable, as James and Tommy have learned, they are also extremely volatile.
Tips from Tommy and James
As for how Tommy and James plan to use their money, they’re not entirely sure. They haven’t fully cashed their investment yet and are waiting for something called ShibaSwap, a decentralized exchange platform.
“It happened so quickly that it’s hard to figure out what you can do with the money,” Tommy said.
But the first thing to do is help mom and dad.
“My parents’ house needs a new roof, so I’ll take care of it.”
For anyone considering trying to replicate the overwhelming success of the brothers, James offers a word of warning: “Don’t put in money you don’t want to lose,” he says. “Even tokens are very high risk and you really don’t know what’s going to happen with them. We know that’s not what usually happens, even though shiba has changed our lives. When you see it fluctuate. so much, it does. keep you awake at night. ”
– Paul R. La Monica of CNN Business contributed to this article.