Andrew Tates Loss on 100 Million Bitcoin Bet Exposed
On May 15, the well-known social media influencer Andrew Tate caused a stir with a post on X, announcing his intention to ditch traditional fiat currencies in favor of cryptocurrencies, with a massive $100 million investment in Bitcoin (BTC).
While it’s unclear if he followed through with this plan, especially given his subsequent tweet, it’s evident that the former kickboxing star holds a substantial amount of digital assets.
“I haven’t done this yet because I actually have more crypto than fiat. But I think I’ll just leave fiat completely.” – Andrew Tate (@Cobratate) May 15, 2024
The consequences of Tate’s decision to abandon banks and what he calls ‘scams’ became apparent by June 25, 2024, just over a month later, with a significant drop in the price of Bitcoin.
Considering this, Finbold decided to investigate just how much the influencer might have lost by making this move on May 15.
Looking at the timing of Andrew Tate’s initial tweet, it appears likely that the May 15 purchase would have been made during the afternoon of that day – a time when Bitcoin generally remained close to $66,000.
Assuming the influencer indeed purchased $100 million worth of BTC on that date, he would have acquired approximately 1,515 Bitcoins. Given the coin’s significant decline in the last 30 days, the investment would be worth just over $92 million at press time on June 25.
Despite potential losses of $8 million, technical analysis reveals that they are not likely to be permanent. Earlier on June 25, TD Sequential – a tool used to identify likely trend reversals by analyzing historical performance – flashed a significant buy signal, hinting at an imminent BTC rally.
Bitcoin’s price action since the day started hints that technical analysis may be correct about the cryptocurrency as Bitcoin evaded falling below $59,000 and crossed back above $61,000.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.