Rapper Logic invests $6M in Bitcoin to become latest celebrity to embrace crypto
Bitcoin has surged approximately 124.3% in the past one year. The cryptocurrency has continued to show an upward trend in recent times. This enormous price rise has got everybody interested in the cryptos, and the celebrities are not far behind.
The latest celebrity to join the bandwagon and invest in cryptos is 30-year-old American rapper Sir Robert Bryson Hall II alias Logic. The rapper himself has indicated that he had purchased $6 million worth of Bitcoins in October. The rapper revealed this news through an Instagram video. “My $6 million in Bitcoin last month. F*** it. YOLO. Seriously,” he said in the video.
And it seems Logic is very excited about his entry into the Bitcoin market as he changed his Twitter name from ‘Bobby Bathroom Break’ to ‘Bobby Bitcoin.’ Logic has a massive following on Twitter, and his entry into the Bitcoin market could influence a significant chunk of his followers in the coming times. Till the end of the last week, he had 2.4 million followers on Twitter.
The fear of missing out, popularly referred to as FOMO, is a massive factor and can influence uninformed investors in the market. The rapper is seen as a ‘Bitcoin ambassador’ to his followers, thus selling the news to his followers. As a result, investors are now buying the selling of news with the greed factor at its highest level since 2018.
And such is the excitement among traders that Bitcoin trading has been on the rise in recent times. Several Bitcoin trading apps are experiencing increased traffic, and apps like Bitcoin trader have witnessed enormous growth.
And with Bitcoin jumping over 53% since Logic announced that he has invested in Bitcoin, he has already made a profit in millions. Such an incredible trade with the largest digital asset by market capitalization.
How much profit has Logic made in the Bitcoin trade?
Even if we consider an absolute worst-case scenario if “last month” meant that Logic invested in the market top on 31st October, then his $6 million would have bought around 433 BTC at a price of around $13,850. Fast forward to today, those 433 BTC are worth roughly $80,00,000, representing a profit of almost $2 million. However, the chances of this being Logic’s exact strike point to buy into the market are very slim.
If Logic used the phrase “last month” to refer to one month ago, his buy-in price could have been $11,760. These hypothetical 510 BTC would be worth $9.3 million, or a staggering $3.3 million profit.
And if we go further and think that days and weeks mean little to the man, he may be pointing out to investment around the start of October. This trade would have given him almost 570 BTC at a price of around $10,550. These would now be worth $10.4 million, reflecting a $4.4 million profit, or a nearly 75% return on his initial investment.
Prospects of Bitcoin investment
Bitcoin is a safe haven to plenty of millennial investors not equipped with the stock market industry’s required knowledge. Moreover, the crypto industry has given better returns than the stock market thanks to its high volatility in short periods.
A glance at the numbers offered by CoinGecko reveals that Bitcoin has rallied approximately 124.3% in the past one year. A survey done by CoinGecko shows that 85% of Bitcoin investors are happy and satisfied with the asset’s market performance.
The bitcoin market comes across as very lucrative during the pandemic to institutional investors and high net worth individuals. Grayscale Investments, the largest Bitcoin holding company, has given hints that its total assets under management had crossed the figure of $10 billion, with its Bitcoin trust holding over 500k units.