Rapper Logic invests $6M in Bitcoin as latest celebrity to catch crypto bug

Following Game of Thrones actress Maisie Williams’ call for advice as to whether to go long on Bitcoin (BTC) earlier this week, the rapper Logic has dived into Bitcoin headlong.

In a video posted to his Instagram story, Logic, real name Sir Robert Bryson Hall II, bragged that he “bought six million in Bitcoin last month,” while making the collar pull gesture popularized by fellow rapper Xzibit in the mid-1990s MTV show Pimp My Ride.

He followed this up by trying to make out that it was really no big deal, muttering “F**k it,” “YOLO” (meaning “You only live once”) and “Seriously…”

Despite his posturing, Logic’s investment could turn out to be a particularly canny financial move.

In an absolute worst-case scenario, if “last month” meant that the rapper made the investment at the market top on Oct. 31, then his $6 million dollars would have bought roughly 433 BTC at a price of around $13,850.

Fast forward to today, those 433 BTC are worth $7,926,500 at publishing time, representing a profit of almost $2 million.

However, the probability of this being Logic’s exact strike point to buy into the market is slim.

If the rapper used the phrase “last month” to refer to one month ago, then his buy-in price could have been $11,760. These hypothetical 510 BTC would now be worth $9.3 million, or a cool $3.3 million gain.

And of course, if days and weeks mean little to the man, then it is feasible that he could have been referring to an investment around the start of October. This would have netted him almost 570 BTC at a price of around $10,550.

These would now be worth $10.4 million, representing a profit of $4.4 million, or an almost 75% return on his initial investment.

Logic has since changed his Twitter name to Bobby Bitcoin. “YOLO” indeed.

Also read: First company-sponsored Bitcoin retirement plans launched in US

Source: https://cointelegraph.com/news/rapper-logic-invests-6m-in-bitcoin-as-latest-celebrity-to-catch-crypto-bug