Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
Popular American retired rapper, songwriter, and author, Sir Robert Bryson Hall II, professionally known as Logic, bought bitcoins worth several millions of dollars last month. According to the reports, the rapper revealed his BTC investment in an Instagram Live video, saying that he “bought $6million in Bitcoin last month. Fuck it, YOLO.”
Logic’s Investment Paying Off
The bullish move now places the rapper in at least $1 million profit, depending on what time he bought the assets in October.
In a worst-case scenario, if the investment were made on October 31, the $6 million would have bought roughly 433 BTC at $13,850 each at the time. If that’s the case, those 433 BTC are worth $8 million today, placing him at a $2 million profit.
However, if the investment was made exactly a month ago or 30 days ago, BTC’s asking price could have been $11,760, amounting to 510 BTC. As of today’s price, the investment would have grown to $9.5 million, a whopping $3.5 million profit in one month.
The retired rapper has been digging deep into his net worth lately. Recently, he blew over $200,000 on the Charizard Pokemon card, setting a Nintendo record on Collectibles. Earlier this year, Bryson ended his career after releasing his last album, No Pressure, in July and reportedly signed a seven figures deal with Twitch.
Bitcoin Going Mainstream
As Bitcoin adoption enters a mainstream phase, more people, including public figures, celebrities, and big corporations, are joining the industry. These traditional investors see the cryptocurrency as a good store of value and hedge against inflation, financial instability, and other market crises.
The rapper made his entrance into the industry when Bitcoin is making its way to the moon, as many believe. With several hedge fund managers and top financial institutions adopting the digital asset, Bitcoin will likely continue its upward journey until it smashes 2017 all-time high.
A Girl Buys Bitcoin
Logic’s announcement came just a few days after Game of Thrones’ TV star, Maisie Williams, who portrayed the role of Arya Stark, sparked the cryptosphere with her decision too long Bitcoin.
Williams, through her Twitter handle, asked if or not she should purchase Bitcoin. Although most answers were negative, “a girl” revealed barely 24 hours later that she had gone through with it.
Bitcoin’s bullish run after halving, and certainly cleared much resistance, has raised a question among mainstream investors if now is the right time to buy Bitcoin.