- The director of a Netflix show reportedly gambled around $4 million of his show’s budget on Dogecoin (DOGE), turning the investment into a fortune of $27 million.
- The director had invested around $11 million in stocks and crypto but lost nearly $6 million in a few weeks after betting on pharmaceutical companies and the S&P 500.
In this wildly volatile crypto industry, it is common to hear investors who have lost it all and others who have made life-changing profits. Like a movie, one director of a Netflix show has been the recipient of the good fortunes that the crypto market has to offer. Carl Erik Rinsch, the director of sci-fi series Conquest, reportedly made around $27 million. Unsurprisingly, Dogecoin (DOGE) was his bet. Since the launch of DOGE, the meme coin has transformed financially challenged individuals into crypto millionaires.
It all began in 2020 after Carl Erik Rinsch sold his idea to Netflix and got an initial budget of $44 million. The director would ask for additional funding, receiving $11 million on the condition he finished the show. However, the director used around $10.5 million of this on investment in stock and crypto. A little over $4 million was sent to Kraken and used to purchase DOGE.
Per the latest financial statement, Rinsch liquidated his assets in May 2021, walking away with around $27 million. His gamble on cryptocurrencies had panned out, making him huge profits. His excitement was clear when cashing out, telling a Kraken representative, “Thank you and god bless crypto.”
Wild Netflix story.
In 2018, it bought a sci-fi series from director Carl Rinsch. By 2020, Netflix spent $44m on the show.
Production was floundering and Rinsch demanded $11m more. He took the funds and quickly lost ~$6m in pharma option YOLOs.
A bit later, he took $4m and… pic.twitter.com/JnvY09Op9A
— Trung Phan (@TrungTPhan) November 22, 2023
Surprisingly, the so-called safe stocks made him losses. In the first couple of weeks of investment in stocks and crypto, the director lost around $6 million after investing in some pharmaceutical companies and the S&P 500.
The money earned from his investment was used largely on personal items, with the director reportedly purchasing $9 million on high-end furniture, designer clothing, an over-$380,000 luxury watch, five Rolls Royce, and a Ferrari. In a deposition, he argued that these items were props for the show.
The director is currently embroiled in a legal case with Netflix over $14 million that he says the streaming service owes him for breaching its contract and damages.
Dogecoin (DOGE): Buy Low, Sell High
Aside from the drama around the invested money and the spending, the principles of investing in the cryptocurrency market stand. Analysts often advise crypto investors to buy low and sell high. However, it is investors’ impatience that fails most. For Rinsch, he had to wait around one year before turning his $4 million to $27 million. During this time, he had to ignore all the FUDs and all the short-term volatility.
Given DOGE and a huge part of the market is down by more than 80 percent, the ongoing phase is bearish and is the time to stack up ahead of the bullish and high season. Dogecoin in particular is trading for $0.075174, an $89 percent drop from its all-time high of $0.731578 reached two years ago. With the asset tipped to retest this ATH during the next bullish wave, it is a low-risk, high-reward investment.
Recommended for you:
- Buy Dogecoin Guide
- Dogecoin Wallet Tutorial
- Check 24-hour Dogecoin Price
- More Dogecoin News
- What is Dogecoin?
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
