This Star Plays Roller Coaster with Bitcoin – Despite its dozen years of existence, Bitcoin (BTC ) is still a young asset that is far from having found its stabilizing price. Its price volatility remains high, and fortunes can be built and deconstructed rather quickly. However, rapper KSI remains confident, even though he has lost everything he managed to gain.
+350% on his Bitcoin investment, but a bit of a late exit
Bitcoin prices and the cryptocurrency market are emotional elevators. Price swings can be significant, quite often reaching tens of percent shifts in a very short period of time (both up and down).
The YouTuber and rapper KSI has undergone, with joy, then pain, these fluctuations of BTC and cryptos. As he confided in an interview with British media outlet The Independent, he invested £2 million (about €2.3 million)in Bitcoin and cryptos between late November and early December 2020.
The Net star, followed by millions of subscribers, then explained that he had more than tripled the amount invested in just a few months, reaching £7 million (about €8 million), before losing his gains:
“(…) I was lucky with the £7 million, but I should have been smart and taken that money out in cash, then waited for it all to go down and went back in again (…) It was a trying adventure, but I had to go through it. I had to really immerse myself in this whole crypto community, and, you know, I totally understand it now.”
KSI remains optimistic about the future of cryptos
Despite his loss of money, the YouTuber still believes; not only that Bitcoin is “here to stay,” but that “it’s the future” of the world’s currency.
Although he got caught up in the bull market, KSI believes that the king of cryptos is far from having said its last word on pricing. The rapper remains convinced that sooner or later BTC is bound to hit $100,000 and that he wouldn’t be surprised to see “a $500,000 bitcoin or even a $1 million bitcoin,” adding, very confidently, “that’s what’s going to happen,” even if it takes “5, 10, 15 or 20 years.”
Although the lesson was hard for him, KSI ends by saying that he has now understood that “it’st while the market is bearish that you should invest”.
Our YouTuber also seems to have completely understood that not only is Bitcoin “not controlled by any central bank,” but it also doesn’t suffer from inflation, unlike fiat currencies. If KSI has already had cold sweats with the fluctuations of BTC, it was even worse for another “lightning millionaire” who bet on Dogecoin (DOGE).
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